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The Economic Stimulus Act of 2008
Are you having trouble getting your capital expenditures approved? If so, maybe this will help.
February the 13th 2008 President Bush signed the Economic Stimulus Act of 2008. Along with the highly publicized individual portion this Act also contains two provisions aimed at helping businesses increase their capital
spending a huge increase in the Section 179 tax deduction and a bonus
depreciation allowance.
The section 179 deduction, which allows businesses to deduct up front rather than depreciate over time the cost of certain kinds of equipment, has nearly doubled for 2008, rising to $250,000 from a previously planned $128,000.
The
bonus depreciation provision allows businesses of any size to depreciate 50 percent of the cost of equipment, with the balance to be depreciated according to IRS rules.
How does all of this affect you? This stimulus package allows you to purchase capital equipment (such as J&J's Mira-Pak packaging machines and our Strongarm industrial manipulators) now and take advantage of huge tax savings in 2008.
For more information, please contact us now.
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