The Senate approved the tax extenders package Tuesday evening, restoring a range of 2014 tax incentives two weeks before year end. The bill, which doesn't make the tax programs permanent, cleared the Senate by a 76-16 vote.
The extenders restore key breaks for 2014 including the popular Section 179 provision that allows for higher levels of first-year depreciation for capital purchase. However, there's no "2015 Section 179" version as part of this bill. In essence, this bill expires at year end.
Farmers, however, can take advantage of the depreciation for purchases made in 2014 as long as you have possession of the equipment before year end.