The House passed the tax extenders for 50 or so temporary tax provisions that are normally extended by Congress on one or two-year basis. These provisions are known as the “Protecting Americans for Tax Hikes” (PATH) Act of 2015. These provisions are expected to be quickly passed by the Senate and then signed into law.
A few of these provisions include:
• 15-Year Write-off for Qualified Leasehold & Retail Improvements
• 7-Year Write-off for Motorsport Track Facilities
• Extension of Bonus Depreciation and Section 179 Expensing Limits
Items like Section 179 Expensing Limits are being made permanent, however, other areas such as Bonus Depreciation have been extended through 2019.
For more information about these provision, please contact us.