Tax Extender Bill Signed into Law

On December 19, President Obama signed into law HR5771.  The two major portions of this legislation which farmers, and other business owners, were waiting anxiously for include the extension of bonus depreciation and Section 179 Expensing. This legislation includes a one-year retroactive extension of the 50 percent bonus depreciation for new property acquired and placed in service during 2014 (2015 for certain property with a longer production period). The tax extender legislation returns the Section 179 Expensing level to $500,000 with the phase-out provisions not kicking in until $2 million.   For more information see www.ohioagmanager.osu.edu

 

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