Companies that are looking to invest need to be careful about waiting too long and missing out on tax break opportunities!
In a press release sent out by Industrial Finance Group – located in Pensacola, Florida – David Kemp, CEO of IFG, included some valuable information for companies to consider:
"The American Recovery and Reinvestment Act of 2009 provides enhanced depreciation and expense allowances for companies buying or leasing equipment. These benefits are set to end December 31, 2009. Equipment must be placed in service prior to January 1, 2010 to qualify for the benefit.
Section 179 expense – Currently set at $250,000 and is scheduled to reduce to $125,000 after 12/31/2009.
Bonus first year depreciation for new equipment – Currently set at 50% and scheduled to expire after 12/31/2009.
“What if my company cannot utilize the enhanced benefits this year?”
The ARRA of 2009 includes a provision that allows a five-year carry back of losses from 2009. If your company had a terrific year during the last five-years that resulted in a high income tax liability you may qualify for a refund. Check with your tax advisor for details."
For more information on saving money with the current stimulus plan with your new machine tool investments contact David Kemp and the Industrial Finance Group at 850-932-4330 or email him at firstname.lastname@example.org.