On March 15, 2019, Governor Reynolds signed Senate File 220, which made the same ($70,000) section 179 deduction limitation applicable to all taxpayers for 2018. Earlier legislation only applied this limit to individuals and entities taxed as partnerships. Under that prior law Corporations subject to the income tax, entities that file as S-Corporations for income tax purposes, and financial institutions subject to the franchise tax were subject to a lower ($25,000) section 179 deduction limit for 2018. The earlier legislation also provided the Special Election described below to individuals and partnerships, but not to Corporations (including entities taxed as S-Corporations) and financial institutions. This Special Election has now been extended to all taxpayers.