Congress Passes, President Signs, Section 179 Tax Provision
January 09, 2015
Just before leaving for its winter break Congress passed the Tax Increase Prevention Act (H.R. 5771), which extends the Sec. 179 expensing tax provision for 2014. The president signed the measure on Dec. 19.
The ADA worked hard to ensure passage of this law, which allows small businesses to write off up to $500,000 of capital investment in 2014. ADA members sent over 8,500 emails to Congress in the last month urging lawmakers to pass the bill. In addition, ADA staff met with key legislators and staff about this issue throughout the year and we are glad to see passage of this important tax provision.
Because H.R. 5771 only applies to the 2014 tax year, the ADA will continue fighting to ensure tax fairness for small businesses by working to make Section 179 permanent in the coming year. To learn more about the ADA’s advocacy efforts please visit www.ADA.org/Advocacy