By a vote of 24 to 14, the House Ways and Means Committee sent permanent bonus depreciation on to the full House for consideration. H.R. 2510 would permanently extend 50 percent bonus depreciation, a tax provision that expired at the end of last year. Farm Bureau tax advisor Pat Wolff explains.

Wolff says many lawmakers are starting to predict that it will be December before final action is taken on tax extenders, repeating last year’s action, where the provision was passed two weeks before the end of the year.

In July, the Senate Finance Committee approved a two-year extension of 52 tax provisions that expired at the end of last year. Wolff says bonus depreciation is included in that package.