House passes tax extenders fix

House passes tax extenders fix

House bill addressing tax credits and tax reform could facilitate debate in Senate.

THE House voted 253-163 to approve a combination jobs and tax bill that includes a permanent extension of the $500,000 Section 179 expensing level for businesses.

The Section 179 provision allows farm businesses to take the full depreciation deduction of an item that meets certain specifications — in many cases, machinery — in the current tax year, with a maximum deduction of $500,000 and a phase-out threshold of $2 million. It has been at this lev

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