Tax Break Extended for Ag Equipment

tax break on ag equipment Legislation extending the Section 179 tax breakĀ for small-business capital purchases passed Congress and was signed by President Barack Obama Friday.

Area farming officials, especially farm equipment dealers, were eying the legislation nervously prior to its passage. The tax bill allows farmers and small businesses to immediately write off up to $500,000 in capital assets purchases (including farm equipment) instead of depreciating it over time.

Section 179 tax deductions are good on new and used equipment, which must be financed/purchased by the end of the day on Dec. 31, 2014.

For more go to the Central Pennsylvania Business Journal

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