Bonus Depreciation Makes it out of Committee

A small victory for taxpayers this week as the House Ways and Means Committee passed a proposal to revive bonus depreciation and make it permanent. Although unlikely to become law, this move by Congress could be a sign that a temporary extension for bonus depreciation is possible. 

The Senate Finance Committee is approving extensions of most tax policies that expired on December 31, 2013 keeping them in effect through the end of 2015, while the House Ways and Means Committee is selecting among the expired provisions and making them permanent.

Please check back later this year for updates on the status of bonus depreciation and Section 179 (expensing election)  as this year’s tax planning may be a last minute affair of figuring out where the law will settle.

Source: Bloomberg

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Shane has 12 years of experience in public practice and specializes in working with agriculture and construction businesses. If you have questions for Shane, please send him an email. To see his latest posts click here. Click here to connect with Shane on LinkedIn.

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