Senate Finance Committee Proposes Two-Year Extension of Section 179 and Bonus Depreciation
Senator Ron Wyden (D – Oregon), chairman of the Senate Finance Committee has submitted a bill to extend many of the provisions that automatically expired at December 31, 2013. Of special interest to farmers is that Section 179 would be retained at the $500,000 level for 2014 and 2015 AND 50% bonus depreciation would be extended through December 31, 2015.
However, since this is an election year, there is little chance that this bill will make it to the Senate for passage and even if it makes it that far, it will most likely stall in the House. Most pundits agree that this bill will come up for a vote after the Mid-Term elections and before year-end, similar to what happened two years ago.
There seems to be bi-partisan support for passing this bill, but again, with an election year, nothing will happen until late in the year and certain items may get eliminated in the final bill.
We will keep you posted.
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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