VI. Section
179 Expensing
ØA. The maximum amount that can be expensed under Section 179 is increased to $100,000 for property placed in service in 2003, 2004, and 2005. This amount will be indexed for inflation after 2003.
ØB. The amount of property placed in service before Section 179 begins to phase out is increased from $200,000 to $400,000.
ØC. The election to expense may be revoked by the taxpayer on an amended return, without permission from the Commissioner. However, once revoked, the taxpayer cannot change back again.