Last week the U.S. House voted 378 to 46 to pass a one-year extension of several expired tax provisions, including Section 179 supported by Western United Dairymen. The bill, H.R. 5771, now moves to the Senate, which is expected to vote before adjourning for the holidays.
"We're pleased with the action taken by the House and await swift concurrence in the Senate," notes Western United's CEO Michael Marsh. "Year-end tax planning is jeopardized by the delay in extending these common sense provisions that boost the U.S. economy and put Californians back to work."
Western United Dairymen together with 41 other agricultural groups urged the House of Representatives in November to restore Section 179, allowing farms and dairies to write off capital purchases, instead of depreciating them over time.
The coalition of ag interests supports reinstating the maximum expensing of large investments to $500,000 with a 50 percent bonus depreciation for the purchase of new capital assets, including farm equipment. The groups encouraged lawmakers to take up a multi-year tax extenders package, including Section 179, by the end of the year. A one-year restoration would reinstate the provisions for 2014 only.
WUD is a voluntary membership organization representing more than 60% of the milk produced in California. Membership benefits include resources in labor law, environmental regulations and pricing issues. Members decide the direction of state and federal legislative efforts affecting the dairy industry.12.9.2014