Thune is a member of the Senate Finance Committee, so he’ll have some sway when that committee writes a tax reform bill. Sen. Ben Cardin (D.-Md.), who coauthored recommendations on tax reform as cochair with Thune on the Finance Committee’s Business Income Tax Working Group, isn’t cosponsoring S. 1144. But a Senate staffer says that a number of provisions from the Thune/Cardin recommendations are in S. 1144, meaning it could attract Democratic support. Some of its provisions include:
- More small and medium-sized corporations—those with average gross receipts of $15 million or less over last three years—would be able to use the cash method of accounting.
- The bill would simplify inventory accounting for small and medium-sized companies so inventory can be deducted immediately, and businesses that have inventories wouldn’t be disqualified if they otherwise can use the cash method of accounting.