WASHINGTON (April 7, 2004) — The House of Representatives has approved a $275 billion, six-year surface transportation reauthorization bill by a 357-65 vote.
The House bill includes a number of tax-related amendments not included in the $318 billion Senate bill. These include a two-year extension of the $100,000 limit — quadrupled from the old $25,000 limit — for small companies to expense capital improvements in a single tax year, and relief for larger companies from the alternative minimum tax.
The House and Senate will go to conference to produce compromise legislation. However, the Bush administration — though it doesn't object to the House tax provisions — has threatened to veto any transportation bill that exceeds its $256 billion budget request.