Congress has approved tax legislation extending the $500,000 Section 179 capital assets depreciation limit and enhanced bonus depreciation.
“New Holland Agriculture and Construction applauds enactment of this legislation, which allows farmers and small businesses to immediately write off the full price of up to $500,000 in capital assets purchases (including farm and construction equipment) instead of depreciating it over time,” New Holland says in a release.
According to New Holland, the Section 179 tax deduction is good on new and used equipment and is combined with bonus depreciation for even bigger tax savings on new equipment. To take advantage of this tax break in the 2015 tax year, New Holland says equipment must be purchased, financed, or leased and put in service by midnight on December 31, 2015.
“We’re excited that Section 179 has been passed into law,” says Bret Lieberman, vice president of New Holland, North America. “This gives our customers a welcomed tax break, and will help them invest in much-needed equipment that will enhance their productivity. But the Section 179 tax break isn’t the only reason customers should consider upgrading their equipment by year-end.
“December 31 also signifies the end of New Holland’s 120th Anniversary celebration and our Year-End Celebration savings event plus a special no-interest finance program—a perfect opportunity for our customers to save even more on new equipment in preparation for the coming season.”