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Abstract

Few provisions in the Internal Revenue Code outrank, in importance, Section 179 which provides an election to expense eligible depreciable business assets.1 Although the allowance for 2014 has dropped to $25,0002 with a $200,000 phase-out,3 the prospects are for an increase to be legislated in 2014 or early 2015, probably retroactive to January 1, 2014. The Administration budget proposal calls for permanently setting the annual § 179 deduction at $500,000 with a $2,000,000 phase-out.4 The House of Representative’s proposal (the Camp plan) would set the annual § 179 deduction at $250,000 with an $800,000 phase-out.5

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