On December 19th, 2014, the president signed the Tax Increase Prevention Act of 2014 into law. It is a one year (retroactive for all of 2014) law which extends the items listed below.
Bonus depreciation (ability to deduct up to half the cost of new equipment in the year of purchase) no longer available. Note: As of 12/3/14 the House of Representatives passed a bill that would reinstate bonus depreciation for 2014 if signed into law
Section 179 deduction ( expensing the entire purchase price of new equipment in the year of purchase) limits reduced from $500,000 to $25,000. Note: As of 12/3/14 the House of Representatives passed a bill that would reinstate the $500.000 limit for 2014 if signed into law.
Depreciable life of qualified leasehold improvements and qualified restaurant and retail improvements has increased from 15 to 39 years.
Work Opportunity Credit, which allowed employers a tax credit for hiring workers in specific categories ( veterans, food stamp recipients, and workers in certain targeted areas) has expired