The Farm CPA
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Senate Finance Committee Proposes Two-Year Extension of Section 179 and Bonus Depreciation
Apr 03, 2014
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.