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Congress is expected to reinstate Section 168 and Section 179 this week. The measures will take effect retroactively to Jan 1, 2014 and cover 2014 only. 168: “Bonus Depreciation” or “Special Bonus Depreciation” allows taxpayers to depreciate an additional 50% of the purchase of new equipment and certain other operating assets in the same year they’re put into service. 179: “Depreciation Allowance” allows taxpayers to depreciate up to $500k of new or used equipment purchases in the same year they’re put into service. Once a company invests more than $2MM in such assets, the 179 allowance is reduced dollar-for-dollar.