While most people are aware of the overarching individual tax consequences of the American Taxpayer Relief Act of 2012, aka "fiscal cliff" bill that passed the House and Senate over the New Year's holiday, there was less public dissemination of information on other provisions included in the final package. Many business tax provisions that were slated to expire were extended, to the cost of approximately $69.9 billion. Provisions of interest to professional automotive recyclers are: The 50 percent bonus depreciation is extended through 2013. Section 179 expensing deductions for equipment purchased in 2012 and 2013 goes to $500,000 (a retroactive increase from $139,000 for 2012).
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