What impact did the 'Small Business Jobs and Credit Act of 2010' have on the Section 179 Deduction?

The 'Small Business Jobs and Credit Act of 2010' increases the amount a taxpayer can write-off up to $500,000 of qualified capital expenditures -- subject to a phase-out once these expenditures exceed $2,000,000 -- for tax years 2010 as well as 2011. It also extends the additional, first-year 50% depreciation for qualifying property purchased and placed in service during the 2010 tax year (as originally enacted within the 2008 Stimulus Bill described above). NOTE> It does not extend 50% bonus depreciation for tax year 2011.

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