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Tax Code Section 179 Deduction Extended!

The Tax Code Section 179 deduction for qualified equipment has recently been extended and increased to $500,000. This means businesses can write off up to $500,000 of qualified equipment within the 2010 and 2011 tax years.  The act includes:

• A 100% bonus depreciation deduction plus the normal accelerated depreciation on the balance of the cost. This benefit applies to qualified new equipment acquired and placed in service after September 8, 2010 and before January 1, 2012.
• A 50% first year additional bonus depreciation deduction for investments placed in service after December 31,2011 through December 31, 2012.