With the approval by Congress extending the $500,000 Section 179 capital assets depreciation limit and enhanced bonus depreciation, now is the time to take advantage of year end tax savings on farm equipment. The Section 179 tax deduction, which allows farmers and small businesses to immediately write off the full price of up to $500,000 in capital assets purchases instead of depreciating it over time, is good on new and used equipment and is combined with bonus depreciation for even bigger tax savings on new equipment. To take advantage of this tax break in the 2015 tax year, equipment must be purchased, financed, or leased and put in service by midnight on December 31, 2015.
New Holland Agriculture is offering a Year-End Celebration savings event that allows qualified buyers to take advantage of cash back plus low rate financing on current-year New Holland tractors and equipment.
“We’re excited that Section 179 has been passed into law,” says Bret Lieberman, Vice President of New Holland, North America. “This gives our customers a welcomed tax break, and will help them invest in much-needed equipment that will enhance their productivity.” But Lieberman says the Section 179 tax break is just one reason customers should consider upgrading their equipment by year-end. “December 31 also signifies the end of New Holland’s 120th Anniversary celebration and our Year-End Celebration savings event plus a special no-interest finance program—a perfect opportunity for our customers to save even more on new equipment in preparation for the coming season,” he added.
New Holland agricultural equipment is also eligible for a special “No Interest, No Payments Until 2017” program that expires December 31. Details of the Year-End Celebration and financing offer are available online and customers can also visit their participating New Holland dealership for details and eligibility requirements.