Obama signs legislation including Section 179

President Obama signed Section 179 legislation, which allows farmers and small businesses to immediately write off up to $500,000 in capital assets purchases (including farm equipment) instead of depreciating it over time. The bill passed the House and Senate, and was signed into law on December 19, 2014. The Section 179 tax deductions are good on new and used equipment, which must be financed/purchased by the end of the day on December 31, 2014.

Dec. 22, 2014 Ohio Ag Net