On February 13, the Economic Stimulus Act of 2008 [H.R. 5140] was signed, this stimulus package was designed to put money into the pockets of many American taxpayers. Along with the rebate checks, the bill contains some business incentives. Careful consideration was given to the package so that inflation will not affected negatively by this package. Full details are available in Section 179 which covers Expense Deductions.
• The Section 179 expense election increases to $250,000.
• The qualified property limitation is $800,000.
• These increased amounts will not be indexed for inflation under Sec. 179(b)(5).
• Effective for tax years beginning after December 31, 2007.
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