White House Proposes Increasing Section 179 Deduction in 2013 to $250,000
The White House just announced several initiatives today including increasing the Section 179 deduction for 2013 from the current $25,000 amount to $250,000. This will require Congress to update the law to reflect this amount, so the change of this happening is not certain. However, the mood of Congress and the President is to help small business and the Section 179 deduction is completely focused on small business.
We will keep you posted on this initiative. Here is the White House Fact Sheet.
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.
Will there be any bonus depreciation allowance? I’m trying to put together a presentation to make people aware of some of the trends in farming; do you think a drop off of bonus dep/sec 179 could have a very real effect on equipment purchases thru outlets across the country? I guess I’m asking what effect this could have on the increasing trend of $$ spent on ag equipment. are there any resources to see how much was spent/written off thru the 179 program/bonus depreciation? or if any other readers have any input as to how much these programs effected their purchase decisions, i’d love to hear. thanks in advance. Thanks for such a great resource, this website is gold