New tax law offers PATH to savings

Description

Abstract: In late December 2015, President Obama signed H.R. 2029, which includes provisions that created the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The wide-ranging tax law makes permanent or extends the Section 179 deduction, bonus depreciation and the 15-year straight-line depreciation cost recovery period. This article explains how the PATH Act works and how taxpayers can benefit from it. A sidebar notes that the act has made permanent the deduction for contributions of real property for conservation purposes.