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SENATE PASSES EXTENSION OF SHORTENED AG EQUIPMENT DEPRECIATION
Mar. 16, 2010
Association of Equipment Manufacturers (AEM) reports:
The Senate voted 62-36 on Wednesday, March 10, to extend a number of popular tax provisions, including a one-year extension of the five-year depreciation schedule for agricultural equipment.
AEM, along with industry partners, fought to have the depreciation schedule shortened from seven years, which was in effect for 2009 expiring at the end of the year. The Senate-passed tax extenders package must now be reconsolidated with the version passed by the House in December. The House bill also contains the five-year schedule. Once signed into law the benefits will be made retroactive to the beginning of the year. The $31 billion tax package also extended the research and development tax credit and the additional standard deduction for state and local property taxes, the deduction of state and local general sales taxes.
In addition, the Senate bill adopted an amend from Sen. Debbie Stabenow (D-MI) to include the American Job Creation and Investment Act, S. 3014, which will help provide companies with badly needed investment capital. The amendment will allow companies to accelerate the utilization of their alternative minimum tax (AMT) credits to free up funds for reinvestment without any real cost to the U.S. treasury. Furthermore, to expedite the economic impact of allowing companies to take advantage of their AMT credits, the proposal would allow for an expedited refund process similar to current law rules for net operating losses.
In two floor speeches promoting the amendment, Sen. Stabenow singled out AEM for our support of the proposal. Click here to view a letter from AEM president Dennis Slater to Congressional leaders in support of the American Job Creation and Investment Act.
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