Earlier this week, U.S. House Ways and Means Committee Chairman, Congressman Kevin Brady, proposed legislation to renew numerous tax provisions for 2015 and 2016.  The proposed bill includes maintaining tax provisions for Section 179 Deduction expensing and accelerated depreciation (bonus depreciation).  The full list of tax provisions included in the bill can be seen here.

Congressman Brady is reported as saying that this bill is intended as a backup to extend tax provisions in the event that a larger deal cannot be brokered in congress.

The legislation is currently being considered by congress; Whalen & Company, CPAs will notify our clients as this bill progresses.

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