Congress looks set to pass a tax bill that includes some benefits for home business owners and telecommuters. It’s not nearly enough–certainly not as beneficial as that perty little tax loophole for buying colossal SUVs–but it’s a start.
The bill, introduced by Senator Sam Brownback (R-KS) and Representative Lee Terry (R-NE), is called the Parents’ Tax Relief Act of 2007. There are a few interesting parts, including a vastly simplified home office deduction ($2500 or the profit from your home-based business, whichever is lower), and a telecommuting tax credit for employers of up to $2400 per telecommuter. In addition, employers that provide computers and broadband access equipment can write it off, making such equipment tax-free. The bill hasn’t passed yet, but there are high hopes.
Couldn’t help but wonder though… Sam Brownback as sponsor?