Ref: Senate Bill 1946 introduced Aug 2015 by Orin Hatch, UT, “Tax Relief Extension Act of 2015.”

This bill extends many of the expired pro-taxpayer deductions and credits.  Also, IF it becomes law, many of those provisions will continue through 2016.

As written, Section 179 will again limit at $500,000 and BONUS depreciation is restored.

We’ll all have to wait to see how the bill is amended and if it gets the President’s signature? Stay tuned.