Legislation will allow ranchers, farmers to expense equipment purchased in 2014

A bill that would allow farmers, ranchers and other small businesses to expense equipment for their operations is on its way to President Barack Obama’s desk. The Senate passed the one-year Tax Increase Prevention Act in a 76-16 vote on Tuesday night. The measure extends Section 179, meaning small businesses, including ranchers and farmers, may expense purchases made in 2014. Section 179 allows expensing and depreciation expense for purchase and repairs up to $500,000 of acquired business property. Not passing a bill for 2014 would not only hurt farmers and ranchers but implement dealers, Hoeven said. “It is going to cut sales of farm equipment drastically if the farmers don’t get a tax incentive to purchase equipment,” Dennis Miller, owner of Southwest Ag Repair Inc. in Dickinson, said in a statement Tuesday...more