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Wednesday, December 17, 2014

BREAKING NEWS IN TAX EXTENDER LEGISLATION



Tuesday night the Senate passed Extender Legislation that brings back the ability to deduct capital purchases up to the $500,000 limit rather than the $25,000 limit we were dealing with earlier.  The House version is the same as the Senate, so the bill is on the way to the President’s desk for his signature.  It is expected he will sign the legislation.

The 50% bonus depreciation is also included for qualifying property.

For the purchase to qualify it needs to be placed in service prior to the end of the calendar year.   

There are 55 provisions in the latest law.  We don’t have a complete list yet of all the extended items, so call the office with any specific questions you may have.

This extender bill only applies to 2014, so the same dilemma begins for 2015.