10/27/2020: The $1.36 billion bonding and tax bill signed by Gov Walz on October 21st includes full section 179 expensing conformity to the federal tax law as well as a provision to retroactively fix tax increases for like-kind exchanges in tax years 2018 and 2019. The Tax Cuts and Jobs Act (TCJA) signed into law in December 2017 was the most sweeping tax legislation since 1986. The law included the ability to expense up to $1 million with an investment limit of $2.5 million (adjusted each year for inflation). The law also eliminated the ability to utilize the like kind-exchange rules for equipment thus requiring a taxpayer to add to taxable income the gain from a trade of equipment. The taxpayer could then offset the gain by utilizing Read More...