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On Sept. 17, the House Ways and Means Committee passed a bill to make 50 percent bonus depreciation a permanent part of the tax code. The important capital investment incentive expired at the end of 2014. Prior to the August congressional recess, the Senate Finance Committee approved reinstating 50 percent bonus depreciation and increased Sec. 179 levels ($500,000 allowance and $2 million phase out) for two years (2015 - 2016).

While movement on these important capital investment incentives is encouraging, the provisions likely won't be enacted until the end of the year as part of a broader "extenders" package. For the latest developments, contact your professional at UHY LLP