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Albuquerque Business First: Udall introduces bill to preserve small biz tax deduction

U.S. Sen. Tom Udall, D-N.M., on Friday introduced legislation that would preserve a tax deduction for small businesses that allows them to buy equipment.

Udall’s Small Business Investment Promotion Act would allow businesses to deduct from their gross income up to $250,000 of certain equipment purchases, Udall’s office said in a news release.

The legislation is needed, Udall said, because the section 179 deduction of the U.S. tax code, which allows for equipment purchase deductions, will be eliminated in 2014. If that happens, the amount businesses can deduct from their taxes for equipment purchases will drop 95 percent to $25,000, Udall said.

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