The House passed America’s Small Business Tax Relief Act (H.R. 4457) to permanently increase Sec. 179 expensing levels by a vote of 272–144, according to the Associated Equipment Distributors (AED).
H.R. 4457 would permanently increase the maximum amount and phase-out threshold to the levels in effect from 2010 through 2013 ($500,000 and $2 million respectively). Under current law, beginning in 2014, a taxpayer may immediately expense up to $25,000 of Sec. 179 property annually, with a dollar for dollar phase-out of the maximum deductible amount for purchases in excess of $200,000.
Additionally, the proposal includes adjustments for inflation, repeals the exclusion of air-conditioning and heating units from qualified expenses, and eliminates the $250,000 limit on real property qualifying for expensing.
The legislation now goes to the Senate, where its future is unclear. In May, the upper chamber started debate on the Expiring Provisions Improvement Reform & Efficiency Act (EXPIRE Act), before the bill’s consideration was halted due to partisan bickering over amendments.
Link to full story: http://www.aednet.org/aednews/index_full_story.cfm?id=10930979
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