The House of Representatives approved on Thursday the $622 billion tax package, which will extend a lot of soon to be expired tax provisions, and American startup sector will benefit greatly from this.

According to Vox, the deal will cost about $680 billion in the next ten years. The bill was passed on a unanimous approval from the Republicans, and more than 60 Democrats. It includes big-ticket anti-poverty tax breaks.

The Wall Street Journal reported that the bill came from a bipartisan agreement to divert attention from budget deficits. It was also made to come up with a tax break package that is so big and diverse that lawmakers will all find things about it to like.

Meanwhile, Forbes wrote that the new permanent tax extenders bill will be a big advantage to the American startup industry, which includes 24 million sole proprietors, 4 million Subchapter-S corporations, and 4 million partnerships and LLCs.

Forbes detailed each part of the new tax law that will benefit these businesses. First is Section 179, which is the permanent small business expensing. The business investment amount small businesses can write off in the first year of operation will be fixed at $500,000 a year, and will be adjusted depending on inflation.

Another is the faster depreciation for retail stores, restaurants, and leasehold improvements. The new tax law includes making a 15 year depreciable life permanent for small business establishments. At present, these buildings would depreciate in a span of 39 years.

The bill will also let startup owners get bought by larger firms on a tax free deal, as long as the business has been in operation for five years and beyond. The bill also makes SIMPLE IRA more convenient for small business owners.

Moreover, it has provisions that make it easier for small businesses to give to charity. It is also easier for corporations to shift into Subchapter-S corporations through this new bill.