The U.S. House of Representatives passed late Wednesday, Dec. 3, the Tax Increase Prevention Act. Among the 50 expired tax breaks the bill would extend 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. At press time, the Senate on Dec. 10 was expected to take up and pass the bill, which would then go to the president to sign. 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.
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