House Passes Bill Making Section 179 Expensing Permanent

The U.S. House of Representatives today passed H.R.636, America’s Small Business Tax Relief Act.  This legislation, which advanced through the Ways and Means Committee last week, increases Section 179 expensing limitations for small businesses and farms, among other things.  All regional Congressmen voted in favor of the bill, including Rep. Kevin Cramer (R), ND, Rep. Kristi Noem (R), SD,  and Rep. Colin Peterson (D) of MN.  Peterson was one of only 33 Democrats voting in favor of the measure along with 239 Republicans.
“As a lifelong farmer and rancher, I understand the importance of reasonable deduction levels for new equipment,” said Rep. Kristi Noem of South Dakota.  “Increasing the Section 179 expensing limitations for small businesses and farms gives families more flexibility to invest in their operation.  And I know the certainty of a permanent increase would be more than welcome too.”
H.R.636 increases deduction amounts under Section 179 of the tax code to $500,000, which maintains 2014 levels.  On December 31, 2014, a temporary extension of the $500,000 expensing limitations expired, dropping the maximum amount to $25,000