With Noem Support, House Passes Permanent Increase to Section 179 for Farmers and Small Businesses
Washington, D.C. – Rep. Kristi Noem today joined the U.S. House of Representatives in passing H.R.636, America’s Small Business Tax Relief Act. This legislation, which Noem helped advance through the Ways and Means Committee last week, increases Section 179 expensing limitations for small businesses and farms, among other things.
“As a lifelong farmer and rancher, I understand the importance of reasonable deduction levels for new equipment,” said Rep. Noem. “Increasing the Section 179 expensing limitations for small businesses and farms gives families more flexibility to invest in their operation. And I know the certainty of a permanent increase would be more than welcome too.”
H.R.636 increases deduction amounts under Section 179 of the tax code to $500,000, which maintains 2014 levels. On December 31, 2014, a temporary extension of the $500,000 expensing limitations expired, dropping the maximum amount to $25,000.