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February 8, 2007 - Congress has just passed a 2008 Economic Stimulus Plan that contains increased Section 179 expensing for 2008 small business equipment purchases, as well as another one-year 50% bonus depreciation allowance for new machine tools and other equipment ordered and placed in service during 2008.
- The boost in Section 179 expensing increases the amount that small businesses can write off for new and used equipment purchases in 2008 from the current $128,000 to $250,000. Moreover, the cap on how much equipment can be purchased to enjoy the write off has been increased from the current $510,000 to $800,000.
- The one-year 50% bonus depreciation means you can write off in 2008 an extra 50% of the cost of your new equipment that you buy and start using in 2008.
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