The House Ways and Means Committee on Thursday passed legislation (H.R. 2510) that would make 50 percent bonus depreciation permanent and expand it to include fruit- and nut-bearing plants that have a pre-productive period of two years or more.
Because farming requires large investments in machinery, equipment and other depreciable capital, farmers and ranchers place great value on tax code provisions that allow them to write off capital expenditures in the year that purchases are made, AFBF President Bob Stallman said in a Sept. 16 letter to committee members urging them to approve the bill.
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Bonus Depreciation Could be Permanent for Fruits and Nuts
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