It means a lot of good things. We made the small business tax deduction, permanent benefiting 98% of America's farmers and ranchers. And Thanks to bonus depreciation, farmers can now deduct 100% of the cost of new tractors and all equipment in the first year. In other words, you buy a tractor, you deduct the whole price. Normally it goes over a 38 year period. This is slightly better. You got these tiny little deductions that weren't even worth it. (07:02–07:12)
CLAIM
Asserts that farmers can fully deduct the cost of new equipment in the first year due to bonus depreciation.
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