“Olympia has received several orders in the last several weeks from farmers taking advantage of the expansion of the Section 179 tax deduction to $500,000 and the introduction of 100 percent bonus depreciation for new assets bought after September 8, 2010, and before January 1, 2012,” stated Lucas Hocker, vice president of Olympia Steel Buildings.
According to Section 179 of the Federal Income Tax code, any new farm building purchased and placed into service during 2011 can qualify for the 100% bonus depreciation for federal income tax purposes. This includes a machine shed, a hay shed, a storage shed, barn, or a house owned by a C corporation.
While any new building on a farm can qualify for the 100% bonus depreciation, only single purpose agricultural structures such as a hog confinement facility or a greenhouse, a dairy barn, or horse barn with stalls can qualify for the Section 179 deduction.
Important! Only new farm buildings placed in service between September 9, 2010 and December 31, 2011 qualify for the 100% bonus depreciation. And any amount not deducted under Section 179 will be depreciated over seven years instead.
You need to act now! Call Olympia Steel Buildings 888-449-7756 right away, or visit our website to get an agricultural steel building price or farm metal building quote before time runs out on Section 179 Federal Income Tax deductions.
*Please consider meeting with a tax professional to evaluate tax implications for both past and future farm asset purchases.