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Investment Incentive: New tax law allows bonus depreciation on used equipment

Used equipment buyers are the recipients of expanded benefits with the passage of last year’s tax law, including the ability to combine Section 179 Expensing and first-year bonus depreciation. Previously, bonus depreciation was limited to new purchases only. Section 179 Expensing by itself can be significant, and generally companies use this deduction first. The Tax Cut and Jobs Act doubled the deduction limit to $1 million on qualifying equipment purchases, including previously owned machinery. It also raised the spending capRead More