Senate approves Section 179 deduction on farm machinery

Senate approves Section 179 deduction on farm machinery

From WATTAgNet:

The U.S. Senate, on December 16, voted to approve HR 5771, a $42 billion package of tax breaks, including the Section 179 deduction on business equipment and farm machinery.

However, the bill expires at year-end, but farmers can take advantage of the deductions on purchases made in 2014 if delivery is taken before year-end. The bill is retroactive through all of 2014 for purchases made until December 31.

The bill now goes to the White House, where President Barack Obama is expected to sign it within days.

“Today’s passage of the tax extenders bill is a welcome relief to farmers as we close our books on 2014," said Wade Cowan, president of the American Soybean Association. "While it’s not the long-term fix we need, the legislation does include the dollar-per-gallon biodiesel tax credit, expensing for farm equipment and infrastructure under Section 179, and bonus depreciation on farm assets, all of which provide greater certainty and a more stable climate for the farmers and producers who make use of these programs.”

The passage of Section 179 is expected to push farmers and livestock producers who were undecided about buying new equipment in 2014 to go ahead with the purchases. Farmers looking to take advantage of the deduction are urged to apply for the financing immediately to make the year-end deadline.

 

Senate Clears Tax Extenders Bill with Higher Section 179 Levels

The Senate Tuesday evening by a 76-16 vote approved a tax extenders package restoring a range of tax incentives for 2014. 4, and the bill now heads to the President’s desk, where approval is likely. The extenders restore key tax breaks for 2014, including higher levels of first-year depreciation for capital purchases under the popular IRS Section 179 provision.

Read more at Farmprogress

Senate OKs Section 179 Deduction; Act Quickly To Claim By Year’s End

With just shy of 2 weeks left until the end of the year, Congress has finally made it official: The IRS Section 179 tax deduction limits that were scheduled for a major haircut this year have been restored to previous limits, and it’s retroactive through all of 2014 for purchases up until December 31.

Read more at Agriculture

Farmers Cheer Passage of Section 179

It looks like farmers will get to go Christmas shopping for new machinery this year after all. 5771, a $42 billion package of tax breaks, including the popular Section 179 deduction on business equipment and farm machinery. “Today’s passage of the tax extenders bill is a welcome relief to farmers as we close our books on 2014," said Wade Cowan, a farmer from Brownfield, Texas, and the new president of the American Soybean Association.

Read more at AgWeb

Page 1 of 19
Next Page