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Tag Archives: Section 179

CONGRESS UPDATE

The U.S. Senate voted 65-33 Friday on a package of spending and tax bills that will keep the federal government operating through the end of next September. Important provisions for agriculture: the legislation makes permanent the Section 179 small business expensing option and repeals mandatory country of origin labelling for beef and pork preventing $1… read more

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179 UPDATE

The House today approved the Section 179 plan; and will deal with COOL on Friday.  The Senate is expected to follow. Check FarmWeekNow.com for the latest on our action request.

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Action Request: Section 179 & COOL Labeling

Farm Bureau members: Call your Senators & Congressmen to urge support of permanent Section 179 and repeal of mandatory country of origin labeling. Congressional leaders last night released details of a $1.1 trillion Fiscal 2016 spending bill that would also repeal mandatory country of origin labeling for beef and pork. Passage of the bill that would… read more

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TAX EXTENDER UPDATE

Senate Majority Leader Mitch McConnell flatly ruled out a government shutdown this fall but was less certain on when Congress would revive a series of expired tax benefits, including biofuel credits and the popular Section 179 expensing allowance.

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ACTION REQUEST

The White House is threatening to veto a House bill that would make permanent Section 179 expensing allowance that is widely used by farmers to buy tractors and other agricultural equipment. Meanwhile, check out our latest Action Request on HR 636, via FarmWeekNow.com.

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TAX EXTENDERS PASSES

The bill passed 76 to 16 with the support of Senator Durbin and includes a one-year retroactive extension of the Section 179 small business expensing option at the $500,000 level. It also includes one-year extensions of 50 percent bonus depreciation and other key tax provisions including deductions for charitable donations of food and conservation easements,… read more

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TAX EXTENDERS

Congress is fairly likely during its post-election session to revive a package of tax incentives that expired on Jan 1, says the leaders of the two largest U.S. farm groups. The package includes the $1 a gallon tax credit for biodiesel, tax credits for wind and solar power, and Section 179 expensing for purchases of… read more

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TAX WARNING

Congressional inaction and continued uncertainty about a package of more than 50 tax extenders could complicate the 2015 tax filing season and force the Internal Revenue Service (IRS) to postpone the opening on the 2015 filing season, warned IRS Commissioner John Koskinen in a recent letter to Senate Finance Committee Chairman Ron Wyden, D-Ore. The… read more

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SECTION 179

The National Association of State Departments of Agriculture has recommended to Congress that the Section 179 tax deduction level in the Internal Revenue Service code remain consistent with the 2010-2013 limit for small businesses.

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