Is the Section 179 expense limit based on the Internal Revenue Code as of Jan. 1, 2007 or the most recent version?
The Section 179 expense limit is based on the Internal Revenue Code (IRC) as of Jan. 1, 2007, and is not affected by any changes made by federal law after that date. The annual changes to Section 179 expense limits and property acquisition thresholds listed in the table at FAQ #24 are based on the inflation-adjusted amounts for the years 2007-2009 as specified in Section 179 per the IRC in effect on 1/1/2007. After 2009, Section 179 of the IRC in effect as of Jan. 1, 2007 sets the Section 179 expense to $25,000 and the property acquisition threshold to $200,000.
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- Is the Section 179 expense limit based on the Internal Revenue Code as of January 1, 2007 or the most recent version?
