Sam Memmolo

  Tip - Small Business Tax Break
Section 179

Business Tax Cuts, Growth Incentives:
President Bush signed into law a $350 billion tax cut bill that includes several items targeted to the small-business community.  For tax years 2003-2005, the "Section 179" small-business deduction limit for equipment purchases increases to $100,000 (from $25,000).

Additionally, the bill provides an additional first-year depreciation deduction equal to 50 percent of the adjusted basis of qualified property (rather than 30 percent under current law). The property must be acquired after May 5, 2003, and before Jan. 1, 2005. The law also includes dividends and capital gains tax cuts for individuals, accelerated income-tax relief, marriage penalty relief and more.

Links for more information
Small businesses benefit from Section 179 deduction Bankrate.com

Section 179 Depretiation Limits 2000 - 2003 Taxes.About.com

Small Business Tax Fairness Act of 2003 -(HR1126 IH) IRS

Small Business Publication 946 - IRS

SRM Marketing Services, Inc. 2008
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