The New Tax Package Approved

Sec179An agreement that was reached in Congress this week and is expected to become law would give small companies a $500 000 annual deduction for equipment purchases like cars and computers, manufacturing machinery and office furniture. The so called Section 179 deduction has been in limbo the past few years with Congress often not agreeing until December to raise it from the $25 000 called for in the federal tax code.

The permanent $500 000 deduction is part of a tax package that also includes a higher deduction through 2019 for all companies that depreciate equipment purchases and a permanent break on research and development costs.

Equipment has to be purchased and put into service by Dec 31.

7 thoughts on “The New Tax Package Approved

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