Source: HR 5771

On the evening of December 16th, the US Senate passed HR 5771 by a large majority. This restores Section 179 depreciation and bonus depreciation to 2013 levels ONLY FOR 2014. The bill had earlier passed the House by a huge majority.  The White House has not voiced any objection to the bill and the President is expected to sign it shortly.

Buying equipment prior to December 31: If you’re running out to buy more equipment for 2014, remember that it must be in-place and operable by midnight on 12/31/14.