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Government Affairs Update: Huge Changes in the new "Tax Cuts and Jobs Act"

from MDNA

Here's the MDNA low-down on "An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018" (commonly known as the "Tax Cuts and Jobs Act") and how it affects our used metalworking and capital equipment market. As many of our longtime members know, the MDNA's Government Affairs Committee has followed, reported on and lent its voice in support of any legislation that has a direct impact on our members and newly passed Tax Reform has a big impact.

Changes effect both Bonus Depreciation and Section 179 Expensing. Please remember these are two distinctly different processes for companies to handle the tax ramifications of investing in equipment purchases.

Bonus Depreciation — Previously Bonus Depreciation was not an option for purchasers of our used machinery and capital equipment because the law stipulated that the original use of the property had to begin with the taxpayer (meaning used property wouldn't qualify for the bonus depreciation opportunity).

Under the new law, Section 168(k) was rewritten so that now the only requirement is...  Read the complete article here.  more


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