Press release via Omar S. Nashashibi of the Franklin Partnership, Dec. 16, 2014.
All, thank you so much for putting up with the legislative process these past few weeks; we know it has been a frustrating time as the Senate slogged through it all. The Senate did finally act tonight and pass the Tax Extenders bill, extending retroactive to January 1, 2014 through December 31, 2014, the R&D Tax Credit, Bonus Depreciation, and Section 179 Equipment Expensing. This means all three provisions, along with dozens of others, are extended for all of 2014 at their 2013 levels (Section 179 is at $500,000 for 2014).
We were literally sitting with two Senate Legislative Directors tonight at 7:30 when they each got calls at the same time and abruptly returned to their offices saying there was a deal to move the tax bill. It will still take a few days before it formally reaches the President for his signature, but our part is done – R&D, Bonus, and 179 are extended for all of 2014.
Thanks again for all your work and patience these past few months. We are already starting on extensions for 2015, but more importantly, making as many of these provisions permanent as possible to provide you some stability. However, we did convince lawmakers that had they not acted, each of our manufacturing members could face on average $400,000-500,000 in increased tax liabilities on equipment purchased in 2014.
For more info on how the Section 179 Deduction can aid your business in buying capital equipment go to www.section179.org.