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bonus depreciation

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bonus depreciation

Additional depreciation deductions allowed by the IRS under certain circumstances and possibly in certain areas.After the devastating effect of the 9/11 attacks,business owners were allowed to take a first-year depreciation deduction of up to 50 percent of the basis of property placed in service between specified dates. This was in contrast to the normal deduction of 3.63 or 2.56 percent for real property, depending on whether it was commercial or residential rental.Again,after the 2005 hurricane season,the IRS allowed the same bonus depreciation for property placed in service in specifically named Gulf Opportunity Zone counties in the affected states.
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110-289 (Housing Act), allows corporations to make an election to forgo bonus depreciation and instead claim an accelerated pre-2006 research and/or AMT credit.
Electing to accelerate AMT and research credits in lieu of bonus ... by Chang, Anne / The Tax Adviser
Specifically, the bill provides for a Florida subtraction for the bonus depreciation or additional expensing deduction claimed by a taxpayer on their federal return.
SB 1112--Corporate income tax by Florida Bar News
Extension of Bonus Depreciation Deductions Through 2009 The Recovery Act also extends through 2009 bonus depreciation, allowing businesses to take a larger tax deduction within the first year of a property's purchase.
Get your piece of the pie: the American Recovery & Reinvestment act ... by Detroiter
 
 
 
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