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White House Proposes Increasing Section 179 Deduction in 2013 to $250,000

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July 11th, 2012

The White House just announced several initiatives today including increasing the Section 179 deduction for 2013 from the current $25,000 amount to $250,000.  This will require Congress to update the law to reflect this amount, so the change of this happening is not certain.  However, the mood of Congress and the President is to help small business and the Section 179 deduction is completely focused on small business.

We will keep you posted on this initiative.  Here is the White House Fact Sheet.

Paul Neiffer

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

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2 Comments

  • July 23, 2012 at 4:57 am

    tom

    they should just make $250000 permanent for 2012 and the future.

  • October 4, 2012 at 4:34 pm

    m

    Will there be any bonus depreciation allowance? I’m trying to put together a presentation to make people aware of some of the trends in farming; do you think a drop off of bonus dep/sec 179 could have a very real effect on equipment purchases thru outlets across the country? I guess I’m asking what effect this could have on the increasing trend of $$ spent on ag equipment. are there any resources to see how much was spent/written off thru the 179 program/bonus depreciation? or if any other readers have any input as to how much these programs effected their purchase decisions, i’d love to hear. thanks in advance. Thanks for such a great resource, this website is gold

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