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Case Studies

Congress Looks Toward Permanent Extension of Section 179

Tax code for writing off capital purchases faces Senate approval.

Published

9 years ago

on

March 19, 2015

By

Big Picture Staff

The House of Representatives voted in early February to approve a permanent extension of section 179, a tax code that, since 2010, has allowed businesses to write off up to $500,000 in capital purchases such as printing equipment. The legislation has been rolled through a series of nine temporary extensions and expansions since 2003, but a permanent solution has never been approved. Thus, the deduction level has reverted to $25,000 for the 2015 tax year. The vote will now move through the Senate and then to President Obama for approval.

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