Source: Association of Equipment Manufacturers
The Senate voted to extend a number of popular tax provisions, including a one-year extension of the five-year depreciation schedule for agricultural equipment.
The Association of Equipment Manufacturers, along with industry partners, fought to have the depreciation schedule shortened from seven years, which was in effect for 2009 expiring at the end of the year. The Senate-passed tax extenders package must now be reconsolidated with the version passed by the House in December. The House bill also contains the five-year schedule. Once signed into law the benefits will be made retroactive to the beginning of the year. The $31 billion tax package also extended the research and development tax credit and the additional standard deduction for state and local property taxes, the deduction of state and local general sales taxes.