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