Half the amount of purchases of capital equipment by businesses can be written off as part of a tentative economic stimulus plan worked out by federal lawmakers. The plan calls for close to $50 billion in business tax cuts, according to the Associated Press. If eventually approved, the package fashioned by the House allows businesses to immediately write off 50 percent of purchases of plants and other capital equipment and permit small businesses to write off additional purchases of equipment, the AP said. The plan also would give individual tax payers rebates of $600 to $1,200, or more depending on the number of children in a household. The Senate will begin considering the proposal next week, with the goal of getting it to President Bush by mid-February, the AP reported.
