The so-called tax extenders package, to retroactively revive more than 50 tax breaks for 2014, may be one of the last items of business for the Senate this week. The Web site Section179, which follows one of the incentives, says the extenders bill, HR 5771, will go to a floor vote in the next few days and adds, “so tax relief for small business was being held to last.” The Senate schedule for today focuses on presidential nominees and notes “additional roll calls are expected” beyond the six on the agenda.
Section 179 allows businesses to deduct the cost of new equipment. The maximum deduction reverted to $25,000 at the start of this year. It had been $500,000. Revival of the $500,000 deduction, as well as so-called bonus depreciation, is a priority for many farm groups.