Today, the U.S. House of Representatives passed the Protecting Americans from Tax Hikes (PATH) Act by a vote of 318 to 109. Among other things, the massive year-end tax bill would reinstate bonus depreciation and increase Sec. 179 expensing for 2015 and beyond.
For 2015, the bonus depreciation amount would be 50 percent and the Sec. 179 expensing level would be $500,000, with a $2 million phase out cap. The legislation remains on track for Senate passage and the president’s signature before the holidays.
For a section-by-section summary of the bill with more details about the bonus depreciation and Sec. 179 expensing provisions, click here: http://waysandmeans.house.gov/wp-content/uploads/2015/12/SECTION-BY-SECTION-SUMMARY-OF-THE-PROPOSED-PATH-ACT.pdf
For the Joint Committee on Taxation’s detailed explanation of the PATH Act, click here: https://www.jct.gov/publications.html?func=startdown&id=4861
To see how your representative voted on PATH Act, click here: http://clerk.house.gov/evs/2015/roll703.xml.
