It's official. H.R. 5771: Tax Increase Prevention Act of 2014 (Tax Extenders Act) retroactively expanding the Section 179 deduction limits through Dec. 31, 2014, has been enacted. President Obama signed the bill into law on Friday, Dec. 19. The new law reinstates the limit on Section 179 to $500,000 as well as reinstates 50% Bonus Depreciation.

The measure was passed by the House on Dec 3, 2014, the Senate on Dec 16, 2014, and signed into law by the President on Dec 19,2014. Click here for the official announcement:

IMPORTANT NOTE: Only this 2014 tax year is covered by this measure. Technically, the bill is a one-year, retroactive extension of the tax breaks, even though it only lasts through the end of the month