Farmer Friendly Section 179
Farmers who have been anxious about the USA status of Section 179 can now breathe easier as President Obama signed legislation that addresses the matter last December 18.
The 2014 Section 179 Tax Extender was passed giving farmers little time to act on the provision (you have to take possession of the machine to claim the deduction). The same happened in 2015, but with a twist. Section 179 has been past retroactive for 2015 with the $500,000 deduction limit and this time the rule has been made permanent.
Farm groups have praised the tax extender noting that this is significant for farmers. The same tax bill also extended the biodiesel tax incentive, but also did not stop import of biodiesel from international sources. The tax bill is a major compromise that offered a range of benefits for different groups.
“This tax extender package gives farmers and ranchers critical tools to help them reinvest in their businesses,” says American Farm Bureau Federation president Bob Stallman. “New provisions will let our members make important upgrades that reduce costs, increase efficiency and help make their businesses sustainable for generations to come.”
Sources: Farm Industry News and AgWeb.Com
So what is your equipment buying game plan for 2016? Maybe it’s not too late for the next season! Better review it and TAKE ADVANTAGE of this now permanent provision!
NOW IS THE BEST TIME TO PURCHASE THAT HUSTLER MACHINE THAT YOU’VE BEEN DREAMING OF!
For a free online resource that includes information on Section 179, FAQs, an interactive calculator and more, visit www.section179.org for details.