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RIP Section 179 Benefits on December 31, 2010

Post by Peter McCalister November 23, 2010

The Economic Stimulus Act of 2008, which was extended to 2009 and 2010, is now coming to an end this year and the associated benefits with Section 179 will also be lost to businesses.  Section 179 of the IRS tax code encourages businesses to buy equipment/software and invest in themselves to help spur our economy.

Section 179 allows companies to write off the entire purchase price for qualifying software in the year of purchase (up to $500,000 for the first year) instead of forcing companies to depreciate that purchase over five years.  So, organizations looking to benefit from this provision to implement a “least privilege” solution must complete the purchase of a privilege identity management solution before December 31, 2010.  A countdown clock, as well as a comprehensive description of the logistics, impact and business scenarios, can be found atSection179.org.

Eligible software cannot be “custom code” and in general needs to be commercially available “off the shelf” and, according to Section179.org, the guidelines in order to be eligible for this deduction include:

  1. “The software must be purchased outright or financed (only specific leases or loans qualify) by the company taking the deduction.
  2. The software must be used by the business.
  3. The software must have a determinable useful life
  4. The software must be expected to last more than one year.”

If you are thinking of eliminating admin rights from your organization then start your research here now.

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