A petition circulated by a finance and accounting group seeks to restore a higher deduction that businesses can take on income taxes.
The Section179.org petition requests that Congress reinstate the Section 179 deduction at $500,000. It was raised to $500,000 during the last two weeks of 2014, but then fell to $25,000 for 2015.
General Motors is one of many businesses that support this petition. The petition signatures urge Congress to restore the Section 179 $500,000 deduction as early as possible. Section 179 allows businesses to deduct the cost of certain new and used property, including certain motor vehicles placed into service within the tax year.
Addressed to Sens. Mitch McConnell and Harry Reid and Congressmen John Boehner and Nancy Pelosi, the petition argues that reinstating the deduction to $500,000 can increase capital spending, and therefore increase economic growth and job creation, according to Section179.org.
Businesses are encouraged to use this link to sign the petition.
Section179.org was formed as a way to publicize Section 179 information to small business owners.
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