Section 179 Deduction is Back

Updated Dec 17, 2014 – H.R. 5771 (the Tax Extenders Bill) passed by the House on Dec 3, 2014 was voted on and passed by the Senate on Dec 16, 2014 retroactively expanding the Section 179 deduction limits thru 12/31/2014.

IMPORTANT NOTE> Only this 2014 tax year will be covered by this measure – therefore it is a good business decision for many to buy/finance equipment immediately to make the December 31, 2014 cutoff for the write-off provisions. Repeat, this new provision does NOT cover tax year 2015, the law covers tax year 2014 only! To obtain Section 179 Qualified Financing for your business, you must apply immediately to make the cut-off at midnight 12/31/2014.

Keep up with the Bill that reinstates the limit on Section 179 to $500,000 as well as reinstates 50% Bonus Depreciation: H.R. 5771: Tax Increase Prevention Act of 2014 (aka Tax Extenders Bill) via govtrack here: Technically, the bill is a one-year, retroactive extension of the tax breaks, even though it only lasts through the end of the month.

Ref:  DailyMonitor December 17, 2014