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Section 179 Extension Takes Another Step Forward

June 16, 2014, 07:00 AM
Filed Under: Regulatory News
Related: Section 179, Tax Code

According to an article posted on Rental Pulse, the U.S. House of Representatives passed H.R. 4457, the American Small Business Tax Relief Act of 2014 on June 12th extending Section 179 of the tax code allowing small businesses to expense up to $500,000 on purchases of qualified equipment up to $2 million. Purchases at levels above $2 million will reduce the expensing allowance dollar-for-dollar until it reaches zero. The bill also is indexed for inflation so that the expensing level and phase-out level will continue to increase over time.

“This is a tremendous victory for ARA (American Rental Association) members who have worked this issue very hard at the Legislative Caucus of the past several years,” says John McClelland, ARA vice president, government affairs.

To read the full Rental Pulse report, click here.

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