179 extension signed into law

President Obama signed the Tax Increase Prevention Act of 2014 (H.R. 5771) into law on Dec. 19, retroactively enacting the Section 179 deduction limits for the 2014 tax year.

Although dairy and ag groups had encouraged lawmakers to take up a multi-year tax extenders package, the law only covers the period Jan. 1-Dec. 31, 2014.

The new law reinstates tax measures sought by agricultural organizations, restoring the limit on Section 179 to $500,000, as well as reinstating 50% Bonus Depreciation for the purchase of new capital assets, including farm equipment.

 

 

114th Congress set to convene

Both the House and Senate are scheduled to convene on Jan. 6, 2015, marking the start of the 114th U.S. Congress.

Senate Calendar

House Calendar

 

The Senate makeup includes: 54 Republicans; 44 Democrats; 2 Independents

The House makeup includes: 247 Republicans; 188 Democrats

 

Senate Ag Committee

We know who the members of the Senate Ag Committee are:

 

Republicans (11)

Pat Roberts, Kansas, Chairman

Thad Cochran, Mississippi

Mitch McConnell, Kentucky

John Boozman, Arkansas

John Hoeven, North Dakota

David Perdue, Georgia

Joni Ernst, Iowa

Thom Tillis, North Carolina

Ben Sasse, Nebraska

Chuck Grassley, Iowa

John Thune, South Dakota

 

Democrats (9)

Debbie Stabenow, Michigan, Ranking

Patrick Leahy, Vermont

Sherrod Brown, Ohio

Amy Klobuchar, Minnesota

Michael Bennet, Colorado

Kirsten Gillibrand, New York

Joe Donnelly, Indiana

Heidi Heitkamp, North Dakota

Bob Casey, Pennsylvania

 

 

House Ag Committee

We're still waiting word on the final makeup of the House Ag Committee. New committee chairman U.S. Rep. Michael Conaway (R-Texas) previously named eight new Republican members:

Jackie Walorski, Indiana

Ralph Abraham, Louisiana

Rick Allen, Georgia

Mike Bost, Illinois

Tom Emmer, Minnesota

John Moolenaar, Michigan

Dan Newhouse, Washington

David Rouzer, North Carolina