Section 179 allows eligible businesses to deduct the full purchase price of qualifying equipment in the year it was put into service. This is the official New York State Tax Department 2024 Form IT-196-I, Instructions for Form IT-196.The Section 179 deduction allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year. How to report the recapture of Sec. 179 expense for passthrough entities at both the entity and owner levels. Section 179 depreciation assumes a certain period for that type of fixed asset.