DEVILS LAKE, N.D. — To help U.S. farmers more confidently make year-end equipment purchase decisions, Summers Manufacturing has launched its Section 179 Assurance program. Designed to minimize the impact of uncertainty in the 2014 tax laws, the new program will offer factory credit vouchers to qualified customers in the event that Section 179 deduction limits are not raised to at least $100,000 for the 2014 tax year.
The Section 179 Assurance program applies to qualified pieces of new Summers equipment that are purchased by the end of December 2014. If the tax code is not adjusted to allow for higher equipment purchase deductions in 2014, then Summers will issue factory credit vouchers valued at 15% of the list price of the equipment purchased. These vouchers may be applied to future purchases of new Summers equipment and attachments, with some limitations and terms.
“We think American farmers have earned a break on year-end equipment purchases, even if Washington hasn’t made up its mind about Section 179,” said Brian Perkuhn, vice president of sales for Summers. “Now, customers can be more confident in buying equipment this year, knowing that they’ll be receiving some type of credit for the investment.”
The current tax deduction limit on new equipment purchases in 2014, as allowed by Section 179, is $25,000. In the 2013 tax year, the deduction limit was $500,000. An increase in the 2014 deduction limit is not expected to be made before the end of the year, raising farmers’ uncertainty in making purchase decisions.
Full details, along with restrictions and limitations, of the Summers Section 179 Assurance program are available at www.summersmfg.com/section179.