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Beyond expensing under Section 179, "bonus" depreciation has allowed additional first-year depreciation deductions for amounts spent on certain business equipment.
On the positive side, additional first-year depreciation will be allowed for qualified improvement property without regard to whether the improvements are property that's subject to a lease.
Assets not eligible for additional first-year depreciation (including assets for which an election to forgo additional first-year depreciation has been made) must be grouped into a separate GAA;
Bonus depreciation allows for an additional first-year depreciation deduction of 50% of the basis of certain qualified property acquired after Dec.
Along with the expensing provision, the ability to take an additional first-year depreciation deduction also benefits farmers making capital purchases.
Under current law, these first-year depreciation caps include an $8,000 additional first-year depreciation allowance that expires at the end of 2012.
This additional first-year depreciation deduction allows businesses to write off more than a standard depreciation schedule would allow," Loebenberg explained.
Old Law: An additional first-year depreciation deduction was allowed equal to 50 percent of (he adjusted basis of qualified property placed in service during 2008 and 2009 (2009 and 2010 for certain longer-lived and transportation property).
Extend the provision allowing additional first-year depreciation on qualified investments.
It now allows an additional first-year depreciation equal to 50% of the adjusted basis of qualified property.
Through this incentive businesses can claim an additional first-year depreciation deduction equal to 50 percent of the cost of new property investments made in the Zone.
The new bill provides an additional first-year depreciation deduction equal to 50 percent of the adjusted basis of qualified property.

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