Section 179 $500,000! TIPA Passes Senate!

United_States_Capitol_west_front_edit2In my post last week I described how a bill becomes law and that the House of Representatives had passed the Tax Increase Prevention Act of 2014 (TIPA).

The Senate voted on and passed TIPA on December 16th with a 76 to 16 majority (8 Senators did not vote). This means we are one signature away from extending higher Section 179 Depreciation ($500,000) and the 50% Bonus Depreciation for 2014. Please note that there are still long-standing rules & limitations to consider. See last week’s Wealth Extractions for a detailed explanation. Call your Dental CPA today!

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  1. […] President Obama signed HR 5771 , The Tax Increase Protection Act of 2014 into law today, December 19, 2014. The bill extends many tax savings provisions that expired at the end of 2014 including increased Section 179 Depreciation of $500,000.  For details, see my blog posts from December 11th and December 18th. […]

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