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Tax Law Changes Make 2010 Good Year for Equipment Purchases

New business tax incentives to purchase new equipment are now available under the Small Business Jobs Act of 2010, H.R.5297. The 50% first-year bonus depreciation, which had expired at the end of 2009, has been extended to December 31, 2010 and is now retroactive to January 1, 2010. In addition, bonus depreciation is not limited by the size of your business. Eligible taxpayers also may elect to claim a Code Sec. 179 expense deduction under the new law of up to $500,000 (the old law limited the deduction to $250,000) for qualifying property placed in service during tax years beginning in 2010 and 2011. The property cost limit has been increased as well from $800,000 to $2 million. Contact your tax advisor for more specific information.


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