Revenue Procedure 2010-47 sets out the cost limitations for expensing property under section 179 for taxable years beginning in 2010.  The aggregate cost of any section 179 property a taxpayer may elect to treat as an expense cannot exceed $500,000.  

This amount is reduced by the amount by which the cost of the property placed in service during the year exceeds $2,000,000.  These amounts reflect statutory changes made by the Small Business Jobs Act.

Revenue Procedure 2010-47 will be published in Internal Revenue Bulletin 2010-50 on December 13, 2010.