WASHINGTON, D.C. (KELO AM) South Dakota's John Thune has introduced one of the first major tax reform bills in the U.S. Senate this year.
His office says it aims to help farmers, ranchers, and other small and medium-sized businesses to more quickly recover investments costs and certain other tax decutible business expenses. For example, the so-called INVEST Act would allow for machinery worth up to $2 million to be immediatelly written off.
INVEST is short hand for the Investment in New Ventures and Economic Success Today Act of 2017.
"The INVEST Act is designed to ensure the tax code works for you, not against you", says Senator Thune.
