2013 Tax Incentives for Manufacturing Companies
Tax Incentives for 2013!
The corporate tax benefits associated with the acquisition of new equipment have been increased and extended into 2013.
SECTION 179 Tax Incentive increased to $500,000 from $139,000
Section 179 Federal Income Tax Deduction: This deduction allows a company to deduct the first $500,000 of equipment (Section 179 Property) purchased in 2013 from their taxable income. For companies purchasing (or leasing with a $1 or $101 buyout) up to $2 million of equipment, this deduction is available in full. It then phases out on a dollar for dollar basis for amounts over $2 million. This valuable tax incentive is retroactive for 2012 as well. Qualifying purchases you made in 2012 can now be eligible for the new, higher deduction limits.
BONUS DEPRECATION – Extended through 2013
50% Bonus Depreciation
50% bonus depreciation which was set to expire after 2012 is now reenacted for 2013.
>> To use the Tax Savings Calculator incorporating the new 2013 benefits, click here. <<
Please consult a qualified accountant to determine how these benefits may apply to your business.
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