Just before the holiday break, Congress and President Obama passed a bill making the Section 179 tax extender permanent. The bill made Section 179 past retroactive for 2015 with the $500,000 deduction limit.
The bill includes a five-year extension of bonus depreciation for property acquired and put into service during 2015 through 2019. The bonus is 50% for property put in service in 2015, 2016 and 2017. It drops to 40% in 2018 and 30% in 2019.
The bill also extended the biodiesel tax incentive.