US Senate postpones action until after November election.

US Senate Majority Leader Harry Reid confirmed in June that there will be no actions on the extender package in the Senate until after the midterm election in November.

Depreciation for small businesses: This means that the IRC Section 179 election for accelerated depreciation on business property acquired in 2014 will remain at a maximum of $25,000 for the time being. We won’t know about restoration to the old limits (or somewhere in between) until November at the earliest.