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President Signs Tax Extenders Bill; Limited-Time Tax Benefits End Dec. 31, 2014
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President Signs Tax Extenders Bill; Limited-Time Tax Benefits End Dec. 31, 2014

NADA and ATD strongly supported and advocated for the renewal of these pro-dealer measures.

President Obama has signed a measure that increases small-business expensing and bonus depreciation, which allows car and truck dealers and their customers to expense a larger portion of equipment purchases for 2014. Dealers and their customers must act quickly to take advantage of these tax benefits.

This provision may provide substantial potential savings for a dealership's business customers, but they must purchase qualifying vehicles before Dec. 31, 2014.

First, the bill contains a retroactive increase of the limit on business equipment eligible under Section 179 small business expensing to $500,000 for eligible new and used equipment purchased in 2014. Without this bill, the maximum eligible for Section 179 expensing in 2014 would have been $25,000.

The bill also includes an extension of the 50 percent bonus depreciation deduction for new business equipment acquired and placed in service in 2014. In addition to these changes, there is an extension of the additional $8,000 in first-year depreciation for certain business vehicles purchased in 2014.

The Senate on December 16 approved a House-passed bill, H.R. 5771, to renew several expired tax provisions to benefit car and truck dealers and their customers.

Dealers and their customers are encouraged to consult their tax advisors to determine the exact amount of their potential tax savings, which depends on their own particular tax situation and the provisions described above.

NADA and ATD strongly supported and advocated for the renewal of these pro-dealer measures.
Source: NADA Legislative Affairs
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