Blog: Congress Passes Extender Bill Restoring Key Tax Provisions For Farmers For 2014
December 18, 2014
On December 16, 2014, the Senate passed H.R. 5771, a bill that extends certain tax provisions that had lapsed in 2014. The bill previously passed in the House on December 3, 2014. The President is expected to sign the bill. Several of these tax provisions are important to farmers. The bill extends the 50% bonus depreciation for the purchase of new capital assets, including agricultural equipment, and the $500,000 maximum level businesses can expense immediately rather than depreciate over time under Section 179. Overall, the bill extends through 2014 over 45 individual, business, and energy tax credits or deductions that had expired at the end of 2013. It will be déjà vu as we enter 2015 with these tax provisions again having lapsed.
This blog post is authored by Allyson Dirksen and meant for informational purposes only. It is not meant to provide legal advice in any particular circumstance or factual situation. You should consult with an attorney prior to taking any action regarding the information contained herein.