Thursday, December 18, 2014

The US Senate passes incentives for small business and individual contractors

The Senate has passed the bill labeled as “The Tax Extenders bill,” on Tuesday, December 16, 2014.   This bill includes the language of the IRS Code Section 179 tax deductions.  Section 179 is designed specifically for small businesses and it allows owners to expense the first $500,000 spent on equipment used in "active conduct of trade or business." (Purchases above $2 million will reduce the expense allowance dollar-for-dollar).  The bill applies to the year 2014, and not 2015, and requires the property to be delivered, placed into service and accepted in 2014.  For more information on other tax provisions of the bill, click here.

This is great news for small construction contractors, electricians, HVAC, plumbing, and other technical businesses.  Section 179 tax incentives can be expended on equipment, such as truck bodies for these trades.  Businesses may find these incentives especially attractive for upgrading their vehicles and tools. Section 179 can be applied to pickup trucks and utility bodies such as, the Load'N'Go by Fleetwest Transferable Truck Bodies.  Load'N'Go Slip-on Bodies can be customized for different industries with options like cab over ladder/material racks, hydraulic drop-down ladder racks and 1000 lb. capacity pull-out slides to just name a few.

Call your Fleetwest representative toll-free at 866-497-7200 for more information or visit to get a Load'N'Go quote.

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