This legislation enhances Section 179 of the IRS tax code by making it permanent and allowing businesses to immediately deduct the full price of qualifying business equipment and machinery, including: certain vehicles (over 6,000 pounds), computers and software, office furniture, and other depreciable assets up to $500,000 in the year that it is purchased rather than depreciating the cost over time. Learn more about Section 179 here
: Rep. Patrick Tiberi (R-Ohio-12) introduced H.R. 636
on Feb. 2, 2015, and it was referred to the House Committees on Ways and Means and Budget. It passed the House on Feb. 13, 2015, and was later folded into the Consolidated Appropriations Act of 2015 (H.R. 2029
), which funds the federal government for fiscal 2016 and deals with 52 varying tax provisions of the Internal Revenue Code. The president signed H.R. 2029 into law (P.L. 114-113) on Dec. 18, 2015.
: SupportPrimary Contact
: Gina Luke