(Bloomberg) The U.S. House Ways and Means Committee voted to let companies write off more than half the cost of some investments immediately, providing a $287 billion tax cut to capital-intensive industries.

The proposal, approved today on a 23-11 vote along party lines, would revive the bonus depreciation tax break that lapsed Dec. 31. The measure would extend indefinitely the tax break that began in 2008 to spur economic growth.

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