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03 January 2013

Bonus Depreciation Extended/Sec. 179 Increased in Fiscal Cliff Deal

 

President Obama signed “The American Tax Relief Act of 2012” into law. The new law includes an extension of 50% bonus depreciation through 2013 and increases Sec. 179 expensing limits for 2012 and 2013. This is a major victory for manufacturers. One-page fact sheet on depreciation provisions.

The bill also extends the R&D tax credit for 2012 and 2013 and permanently sets the estate tax at 40% with a $5 million exemption. Senate Finance Committee summary of the new law.

Fiscal issues will continue to dominate the congressional agenda in early 2013, since the new law failed to address comprehensive tax and spending reforms – both critical elements for economic growth, job creation and innovation. There is still much work to be done to ensure that manufacturing remains on a path to strengthen and grow. AMT will be working with the 113th Congress and the second Obama administration to make sure that our industry’s voice is heard throughout the legislative process.

Amber Thomas
phone: 703-827-5230
 
 

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