February 18, 2015

By Tyler Harvey
Mo-Do Farm Bureau Manager

On a state level, the Illinois Farm Bureau had an “Action Request” the week of February 9 and thanks to all who made the call to action. The action request was in reference to H.R. Bill 636 which is a bill to make the Section 179 small business expensing option permanent at the $500,000 level.
Last June, the U.S. House voted 272-144 to permanently extend to $500,000 the annual cost of property eligible for expensing under Section 179 and indexing the amounts for inflation. The bill would allow businesses to deduct immediately from their taxable income the full costs of up to $500,000 in investment of certain equipment from their taxable income, instead of spreading out the costs over time. The benefit of the immediate expensing phases out if total qualifying investment exceeds $2 million, indexed for inflation.
However, on January 1, the maximum expensing level for 2015 fell back to $25,000. But the U.S House just voted on Friday the 13 to pass H.R. 636, America’s Small Business Tax Relief Act of 2015 by a vote of 272-142.     Login or Subscribe to read the rest of this story.