House passes 20% tax cut for small businesses
SNFs could see 50% payment reduction for Pre-Existing Condition Insurance Plan claims
Small nursing home operators stand to benefit from a 20% tax cut for small businesses that passed the House Thursday.
Under the legislation — which is not expected to gain approval in the Senate — companies with under 500 employees could get a 20% tax break, but just for one year, The Hill reported.
Supported by Majority Leader Eric Cantor (R-VA), the tax bill went through on a mostly party-line vote of 235-173, with 18 Democrats voting for it and 10 Republicans voting against it.
Opponents argued that the tax cut would contribute $46 billion to the budget deficit in one year.
"What we want to do in a permanent way is effect broader tax reform,” said Cantor when debating the bill on the House floor. “But since we can't see eye-to-eye on that, since we've still got work to do, let's give the small businesses some help now."
