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News You Should Know

On February 13th, President Bush signed the Economic Stimulus Act of 2008 (H.R. 5140). In addition to the rebates we have all heard about, there have been some additional incentives for farmers and businesses. A recent article in the Kiplinger Newsletter explained, “Firms can take a 50% bonus first year depreciation on assets put to use in 2008. The balance of the cost is recovered by depreciation. Smaller companies can first claim expensing and then use the 50% bonus.”

This is potentially good news for farmers and Wick Builders since the program is limited to NEW assets that are usually deprecated over 20 years or less. This would include machinery, equipment, land improvements and FARM BUILDINGS!