New Holland Agriculture and Construction announced the signing of 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 by President Obama on Dec. 19, 2014, and we applaud the President for this support.
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.
“Here at New Holland, we are excited to hear that Section 179 was signed by President Obama today,” says Abe Hughes, Vice President of New Holland, North America. “This will allow our customers to invest in the equipment they need to make the most out of the upcoming season. They have worked hard all year and this is an opportunity for them to make that work pay off.”
“Additionally, New Holland is further helping our customers with special year-end 'No Payments, No Interest until 2016' financing offers to encourage farmers to take advantage of this welcomed tax break,” said Hughes.
New Holland took extra steps to make sure their dealer network understands and promotes the legislation to their customers in their local markets. Dealers are using “How to Guides” and customizable marketing materials provided by New Holland to get the word out.
“Section 179 is a valuable tool where dealers and our customers can invest in the equipment they need and reduce their tax liability,” says Eric Schnelle, S&H Farm Supply, Inc. President, a New Holland dealership located in Lockwood, Rogersville Mountain Grove and Joplin, MO. “This program is a win, win for everyone. Our customers have been waiting for Congress to pass this legislation to make year-end buying decisions, so we are all excited to have this critical legislation signed and reinstated for 2014!”
Details of the year-end financing offer and a Section 179 calculator are available online at www.newholland.com/na and customers can visit their New Holland dealership for all the details as well.