Unfortunately, the lame duck 115th Congress will expire without correcting errors in the Tax Cuts and Jobs Act of 2017 (TCJA) that directly impact small businesses across the nation. The TCJA as passed last December did not extend accelerated depreciation and although there was a whole year to correct the oversight, the rancorous partisanship in Washington DC got in the way of resolving the problem. Earlier this week, Senate Majority Leader Mitch McConnell introduced a continuing resolution (CR) funding the remaining seven appropriations bills through February 8 along with the authority for continuation of the E-Verify system. We had hoped to pass the corrective tax extender language preserving the depreciation incentives as part of that CR, but unfortunately were not successful in that effort. Without any corrective language, Senator McConnell shepherded his CR through the Senate on Wednesday, but when the President signaled he wouldn’t sign it without some significant funding for border security, the House amended it to include funds for  the border wall. A showdown vote in the Senate will likely be held sometime today. Whatever happens, our depreciation fix will not be in any final CR in the short term, so we will refocus our efforts on the new Congress beginning January 3rd and ask incoming Ways & Means Chairman Richard Neal (D-MA) to move legislation with the depreciation fix as the first order of business for the 2019 committee. We will also work on the Senate side through the office of Finance Committee Chairman Chuck Grassley to secure passage of the TCJA corrections at the first viable opportunity.