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The US House of Representatives is expected to vote on H.R. 5771, THE “TAX INCREASE PREVENTION ACT OF 2014″ some time this week. This Bill would essentially extend most, if not all tax incentives that expired on January 31, 2013. The Bill, as presently written applies to Tax Year 2014 only. There appears to be bi-partisan support for this legislation so this may actually be approved by both the House and Senate.

Specific elements of interest to Bedford clients would be the following:

  • 50% bonus depreciation on eligible assets
  • 15-year straight line recovery periods for Qualified Leasehold, Restaurant and Retail Property
  • 7- year recovery period for motorsport complexes
  • Reinstatement of 179D energy tax deductions
  • Reinstatement of the 45L tax credit for energy efficient residential dwellings
  • Increasing the Section 179 expense limit from $25,000 to $500,000
  • Reinstatement of the R&D Tax Credit

We will continue to monitor the progress of this pending legislation and will keep you updated.