House approves higher section 179 levels, tax extenders for 2014

The U.S. House Wednesday in late afternoon discussion agreed to extend by a 378-46 vote a host of expired tax provisions, including higher section 179 expensing levels, retroactively for 2014. Agriculture has closely watched the section 179 provision, which in previous years has allowed farm businesses to take the full depreciation deduction of items in the current tax year, with a maximum deduction of $500,000 and a phase-out threshold of $2 million. Scheduled to fall to $25,000 with a $200,000 phase-out for 2014, the House’s bill will return the deduction to previous levels for the 2014 tax year. The bill now moves to the Senate for consideration. Read more at Farm Futures…