Wednesday, December 24, 2014

Increase in Section 179 limits

Rhode Island Tax Administrator David M. Sullivan today issued a reminder to tax practitioners and others that the new federal limits involving the Section 179 deduction for business assets also apply for Rhode Island tax purposes. 

That is because of legislation that was approved by the General Assembly and signed into law by Governor Lincoln D. Chafee in July 2013, linking federal and Rhode Island law for purposes of Section 179 expensing.