After much pressure from businesses, President Obama signs pro-industry bill.
President Obama signed the Tax Increase Prevention Act into law Dec. 19. Among the 50 expired tax breaks the bill extends is a reinstatement of the 50 percent depreciation bonus for 2014 and an increase of the Section 179 expensing levels this year to $500,000 with a $2 million phase-out cap. Both of these tax breaks expired Dec. 31, 2013. In addition to affecting equipment purchases made in 2014 retroactively, this bill would in effect create a window for last-minute purchases made prior to Dec. 31, 2014, to be included.
Visit www.constructionequipmentguide.com and AED’s www.http://depreciationbonus.org/ for more information.