Tax Bill Expected To Be Signed Soon
The Bill we’ve all been waiting for has arrived and is on its way to the President for signature. The Bill primarily extends or makes permanent many provisions that were in place the past few years.
One of the most notable provisions is making the increased Section 179 depreciation deduction permanent (at $500,000/year).
Other notable items include permanent provisions for the American Opportunity Tax Credit (for education expenses) and state sales/use tax deductions (a big win for our friends in zero-income-tax states).
The entire summary of the proposed “Protecting Americans from Tax Hikes Act of 2015” from the Ways and Means Committee can be read here.
