What to Tell Your Congressman to Save Important Tax Benefits

What to Tell Your Congressman to Save Important Tax Benefits

Published in For Construction Pros

As most construction professionals are aware, the special tax deduction for equipment purchases under Section 179 expired at the beginning of 2014. This tax code allowed construction companies to take advantage of a $500,000 deduction as well as bonus depreciation on purchases of new and used equipment. While a lower $25,000 deduction was reinstated in 2013, this amount does not significantly help construction companies, which typically have multimillion dollar equipment needs.
To date the $500,000 deduction has yet to be reinstated, and is currently stalled, awaiting Senate approval.

With so much money on the line for construction companies that have already purchased equipment in 2014, as well as those that need to purchase equipment before the end of year, this is simply not the time for our representatives to sit idly by as the clock runs out.

What is Section 179 and Bonus Depreciation?

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