Last week, the National Pork Producers Council (NPPC), along with 36 other agricultural organizations, signed onto a letter applauding the House Ways and Means Committee for addressing expired tax provisions.
The groups offered support and advice as to why it is important for Congress to renew certain areas of the expired tax code, with specific focus on the Section 179 small business expensing and bonus depreciation. Section 179 allows producers to write off capital expenditures in the year that purchases are made (rather than depreciate them over time).
Click here to read the letter.
In related news, the Ways and Means Committee held a hearing to examine the worth of implementing a permanent tax policy for employers and difficulties caused by tax policies that often expire and are extended for short periods of time.
Click here to read testimonies.
One day after the hearing, Reps. Pat Tiberi, R-Ohio, and Ron Kind, D-Wis., introduced legislation that would permanently let small businesses immediately deduct up to $500,000 of investments in equipment and property.
The bill would permanently renew the expanded Section 179 expense thresholds that expired at the end of 2013 and would modify those levels for depreciation.