Early Wednesday Congressional leaders released the text of the $1.1 trillion fiscal 2016 omnibus appropriations bill and a major tax bill.

The tax bill includes a permanent expansion of Section 179, allowing small business owners to deduct up to $500,000 of equipment purchases with a phase out for companies that purchase more than $2 million worth of equipment. Section 179 deductions will also be indexed for inflation.  American Soybean Association President Richard Wilkins says that’s good news for farmers.

The tax bill also extends 50% bonus depreciation for businesses for property placed in service through 2017. Wilkins says this is also important for agriculture.

Another important provision for the soybean industry is the $1 a gallon biodiesel tax credit is extended through 2016.  However, it will remain a blender’s credit and not go to producers. The second-generation biofuel producer credit is extended for 2016 as well.

The Omnibus spending bill also repeals country-of-origin labeling. However, it does not include language blocking WOTUS or deal with GMO labeling.