What impact did the HIRE Act of 2010 have on the Section 179 Deduction?
The ‘Hiring Incentives to Restore Employment Act of 2010’ continues to keep the maximum Section 179 tax deduction at $250,000 subject to a dollar-for-dollar phase-out limit beginning at $800,000 for the tax year 2010. Please note, the ‘Hire Act of 2010’ does not extend the “bonus depreciation” in the ‘Economic Stimulus Act of 2008’ described above.
The ‘Hiring Incentives to Restore Employment Act of 2010’ continued the maximum Section 179 tax deduction at $250,000 subject to a dollar-for-dollar phase-out limit beginning at $800,000 for the tax year 2010. The ‘Hire Act of 2010’ did not extend the “bonus depreciation” in the ‘Economic Stimulus Act of 2008’ described above, but the ‘Small Business Jobs and Credit Act of 2010’ did bring back 50% bonus depreciation for 2010 (see below).
