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For the 2010 tax year, under the current tax code, Section 179 allows businesses that spend less than $530,000 a year on qualified equipment to write-off up to $134,000 in 2010 with no bonus depreciation - then Section 179 is set to completely expire next year in 2011. However in his ‘State of the Union’ address on January 27, 2010, Obama called for extending temporary enhancements to Section 179 through the 2010 tax year end. Administration officials indicate that those enhancements will include expanded limits on Section 179 including 50% bonus depreciation that have been a feature of earlier stimulus measures under both Bush and Obama. For More information: http://www.section179.org/ 151 N Main St Ste 203 • PO Box 737 • New City NY 10956 Tel: 845-398-0073 Fax: 845-398-0074 jc@jordancraigmachinery.com www.jordancraigmachinery.com |
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