For the 2010 tax year, under the current tax code, Section 179 allows businesses that spend less than $530,000 a year on qualified equipment to write-off up to $134,000 in 2010 with no bonus depreciation - then Section 179 is set to completely expire next year in 2011. However in his 'State of the Union' address on January 27, 2010, Obama called for extending temporary enhancements to Section 179 through the 2010 tax year end. Now with the passage of HR 5279, The Small Business Jobs and Credit Act of 2010, Section 179 has not only been extended, it’s been substantially increased. An advanced reading of the bill suggests the following Section 179 changes: An increase of the total amount available for deduction to $500,000 (up from $250,000)    An increase to the total amount of equipment purchased to $2 million (up from $800,000).    The above numbers are to be in effect for 2010 and 2011.    In addition, the bill also extended the "50% bonus depreciation" to tax year 2010 (it was rescinded earlier this year, but has been restored.) To access the updated Section 179 calculator, visit: http://www.crestcapital.com/tax_deduction_calculator For more information on Section 179, visit: http://www.section179.org/