It's official—the Section 179 tax deduction was signed into law today by President Obama. The deduction allows farmers to write off up to $500,000 in capital assets purchases, such as farm equipment, instead of depreciating over time.
The deduction can be applied for new or used equipment, but it must be purchased by Dec. 31, 2014.
“This will allow our customers to invest in the equipment they need to make the most out of the upcoming season," said Abe Hughes, Vice President of New Holland, North America. " They have worked hard all year and this is an opportunity for them to make that work pay off.”
Read more about the Section 179 extension:
Farmers, Machinery Companies Cheer Passage of Section 179
Section 179 Extension Wins Approval for 2014
Dairy Industry Calls for Senate to Extend Section 179
Section 179: Essential Tool or Vicious Cycle?
Will Congress Extend Section 179 After All?
Section 179 Discussion: Is There Anything on Your Shopping List?