Negotiations continue on a bill to extend more than 50 tax provisions that expired at the end of 2014. Most important to Farm Bureau is the extension of the $500,000 Section 179 small business expensing limitation followed by the extension of bonus depreciation.
Earlier this week Ways and Means Committee Chairman Kevin Brady (R-Texas) filed a bill to extend the expired provisions for two years (2015 retroactively and 2016). A two-year extension was also passed by the Senate Finance Committee in July. The Brady bill adds additional items including a Farm Bureau-supported deduction for contributions to ag research organizations. It is considered the fallback in case talks fail on a broader bill that includes permanence for some provisions, including Farm Bureau priority Sect. 179 small business expensing.
Farm Bureau continues to press for an agreement that makes Sect. 179 small business expensing permanent to eliminate the confusion that comes with an uncertain and temporary tax code.