Discussion Draft of Proposed Tax Changes (Feb., 26, 2014)

(House Ways and Means Committee Chair Camp (R-MI, released discussion draft of tax proposals; among provisions included in draft discussion document are single 25 percent corporate tax rate phased in over time; 15 percent research credit of qualified expenses exceeding 50 percent of average qualified research for prior three years; phase-out of the DPAD; MACRS rules repealed and replaced with depreciation lives matching useful life of particular asset; expense method depreciation set at $250,000; some advertising expenses would be subject to capitalization and amortization; cash method of accounting allowed for all businesses with annual gross receipts not exceeding $10 million).