House Ways & Means Committee Votes to Make $500,000 Section 179 Permanent!
The House Ways and Means Committee approved today six tax extenders including making Section 179 permanent at the $500,000 level. There are an additional 50 or so extenders that this committee will review and vote on. It is good news that the committee voted on Section 179 at this level, however, this is just at the committee level and once it gets out of the committee, it must go to the full house for a vote.
It is highly unlikely that a full vote will occur before the mid-term election, but farmers should take some comfort from the fact that both the House and the Senate committees voted for Section 179 to be at the $500,000.
We will keep you posted, however, do not place much hope for a resolution before November.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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