On December 16, the Senate voted 76 to 16 to pass the H.R. 5771 Tax Increase Prevention Act of 2014. This legislation provides a one-year extension of expired business and individual tax provisions including the R&D tax credit. Other key provisions in the bill are Section 179 Expensing, 50 percent bonus depreciation,, 15-year straight-line depreciation for qualified leasehold, restaurant and retail improvements, and the Section 179D deduction. The bill is currently waiting President Obama’s signature.