“The House is set to vote this week on Speaker of the House, Paul Ryan’s sweeping $1.6 Trillion dollar budget deal. If the current bill (H.R. 2029 Protecting America from Tax Hikes Act of 2015) passes, the yearly battle to get increased expensing limits under the IRS section 179 will finally be over. The bill will permanently raise the limit to $500,000.
If the bill passes, it will not only increase expensing limits, but there are a number of other provisions that will be beneficial to MDNA Members and small businesses.” —MDNA Executive Vice President Mark J. Robinson
The current language in the bill reads:
(a) Made permanent.—
(1) DOLLAR LIMITATION.—Section 179(b)(1) is amended by striking “shall not exceed—” and all that follows and inserting “shall not exceed $500,000.”.
(2) REDUCTION IN LIMITATION.—Section 179(b)(2) is amended by striking “exceeds—” and all that follows and inserting “exceeds $2,000,000.”.