By SEMA Washington, D.C., Staff
Since the U.S. House of Representatives will likely not tackle comprehensive tax reform in 2014, lawmakers have begun drafting legislation to extend a variety of yearly tax breaks that expired at the end of 2013. The Senate Finance Committee has already approved and sent to the senate floor a bill containing a number of such measures.
Of interest to the business community, the SEMA-supported Senate bill would provide a two-year extension, through 2015, for the research and development (R&D) tax credit. It would also extend the 50% bonus depreciation for qualified property purchased before January 1, 2016. Section 179 expensing would be restored for one more year at the maximum $500,000 deduction, with a $2 million phase-out level. Absent the renewal, the allowance reverts to $25,000, with a $200,000 phase-out level.
For more information, contact Stuart Gosswein at firstname.lastname@example.org.