• House Ways and Means Committee Plans to Permit Interest Deductions for Small Businesses
  • July 19, 2017
  • Rep. Peter Roskam, the Chairman of the Subcommittee on Tax Policy for the House Ways and Means Committee, has commented that they are “actively working” to exempt small businesses from the provision contemplated by the House Republican Blueprint that would deny deductions for net interest expense. The Chairman noted that they are sensitive to those who have no access to capital except through borrowing, such as farmers, and that the tax code should ensure those businesses maintain their ability to borrow. With respect to the proposed 25% tax rate for pass-through businesses, the Chairman also noted the complexity of ensuring that the lower rate isn’t abused.

    GOP Tax Writers Eye Tightening Pass-Through Rate Rules