While the House of Representatives already approved legislation to permanently increase higher Sec. 179 levels, on Sept. 17, the chamber’s chief tax-writing panel affirmed its commitment to bonus depreciation.
On Sept. 17, the House Ways & Means Committee approved a bill introduced by Rep. Pat Tiberi (R-Ohio) to make 50 percent bonus depreciation a permanent part of the tax code (H.R. 2510). The important capital investment incentive expired at the end of 2014.
The latest action follows last February’s advancement of the America’s Small Business Tax Relief Act of 2015 (H.R. 636), which permanently increases the maximum amount and phase-out threshold to the levels in effect in 2010 through 2014 ($500,000 and $2 million respectively) and allows for inflation adjustments.
Prior to the August congressional recess, the Senate Finance Committee approved reinstating 50 percent bonus depreciation and increased Sec. 179 levels for two years (2015-2016). While movement on these important capital investment incentives is encouraging, the provisions likely won’t be enacted until year’s end as part of a broader “extenders” package.
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July 05, 2022 | Categories:
ARSA News & Updates
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