Updated Dec 19, 2014 - It's official. H.R. 5771: Tax Increase Prevention Act of 2014 (aka Tax Extenders Act) retroactively expanding the Section 179 deduction limits thru 12/31/2014 has been enacted. The new law reinstates the limit on Section 179 to $500,000 as well as reinstates 50% Bonus Depreciation.
The measure was passed by the House on Dec 3, 2014, the Senate on Dec 16, 2014, and signed into law by the President on Dec 19,2014. Click here for the official announcement: http://link.crestcapital.com/hr5771enacted
IMPORTANT NOTE> Only this 2014 tax year is covered by this measure - therefore it is a good business decision for many to finance equipment immediately to make the December 31, 2014 cutoff for the write-off provisions. Your business must apply for Section 179 Qualified Financing as soon as possible to make the cut-off at midnight 12/31/2014.
Technically, the bill is a one-year, retroactive extension of the tax breaks, even though it only lasts through the end of the month. This site will be updated to reflect these changes shortly. The Section 179 Calculator is already fully updated. Click Here for fully updated Section 179 Calculator.