Congress INCREASES section 179 deductions for 2014!
Updated Dec 17, 2014:
The Tax Extenders Bill 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)
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. Technically, the bill is a one-year, retroactive extension of the tax breaks, even though it only lasts through the end of the month.
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. Section 179 Applies in the United States only.