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Sep 17, 2015
The House will act this week on legislation that would permanently extend five expired tax breaks, including the bonus depreciation provision that expired at the end of 2014.
The House Ways and Means Committee announced a mark-up on Thursday, Sept. 17. The bonus depreciation provision and other temporary provisions have routinely been temporarily and retroactively extended over the past several years as part of a “tax extenders” package.
The Senate Finance Committee has passed a tax extenders package that includes a two year extension of the 50 percent bonus depreciation provisions as well as other American Soybean Association (ASA) priorities, such as the biodiesel tax credit and the higher Section 179 expensing limits. However, the timeline for consideration by the full Senate or House of Representatives is unknown and the ultimate outcome is still uncertain.
ASA continues to communicate to members of Congress the importance of extending these tax provisions as soon as possible to provide greater certainty and stability to farming operations and the economy overall.
