Today, Congressman Jason Smith praised the extension of Section 179 expensing in the tax code which includes valuable savings for individuals and businesses that had expired at the beginning of this year. Now that the president has signed the House bill, these savings will be available when individuals and businesses file their tax returns for 2014.
“I have been working for six months to extend Section 179 expensing at the full level for another year.” said Congressman Smith. “While this legislation only extends Section 179 for the 2014 tax year, I have co-sponsored, and the House has passed, stand-alone legislation to make Section 179 permanent.”
“Our farmers and businesses rely on Section 179 to deduct the cost of the equipment they use on their farms, and in their business, from their taxes. Without action the Section 179 deduction would have been decreased this year by 95 percent, and businesses and farmers would have had higher tax bills than they expected. I am pleased that the Senate and the president finally saw fit to pass and sign this piece of House legislation to save our farmers and businesses money on their tax bills this year – money they can reinvest into growing their operations and hiring new people.”
“Without further action on valuable tax provisions like Section 179, we will be in the same situation next year, as this legislation only applies for the 2014 tax year. I am hopeful that we will be able to pass a permanent solution next Congress.”
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