Pending Senate Action regarding fixed assets bonus depreciation
Just a quick note to everyone regarding a new piece of legislation that will have impacts on your companies and CMI Fixed Assets.
Before the Senate’s adjournment until July 12th for the Fourth of July holiday, Senate Finance Committee Chair Max Baucus, D-Mont., and Small Business and Entrepreneurship Committee Chair Mary Landrieu introduced a substitute for the House-approved small business bill, the Small Business Jobs Tax Relief Act of 2010 (H.R. 5486). The Senate bill, the Small Business Jobs Act of 2010 (H.R. 5297), would provide loans to small businesses as well as tax relief. The bill’s tax provisions include:
An extension of 50-percent bonus depreciation through 2010;
A doubling of the Section 179 expensing limit to $500,000 for 2010 and 2011 (and a phaseout threshold beginning at $2 million);
We will keep you posted as soon as action is taken on this and other key legislation that may have affect on CMI Fixed Assets and your companies.
Also, in celebration of our nations independence, CMI Software will be closed on July 5th, 2010. We will be back in the offices on Tuesday morning (hopefully with all our fingers intact from the firecrackers), ready to help you with any questions you might have. Happy 4th of July!