first-year depreciation

See additional first-year depreciation.

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(2) The proposed regulations would provide guidance regarding the additional first-year depreciation deduction under section 168(k) and reflect changes made by Public Law 115-97, informally known as the Tax Cuts and Jobs Act (the "Act").

TEI Comments on Proposed Bonus Depreciation Regulations Under Section 168(k)

SUVs and trucks that weigh more than 6,000 pounds (gross vehicle weight) are not limited to the $18,000 first-year depreciation deduction.

Taking Advantage of the New Tax Law

The percentage for figuring the additional first-year depreciation allowance, called bonus depreciation, for property placed in service after September 27, 2017, has been doubled to 100% (IRC section 168).

First Look at the Tax Cuts and Jobs Act of 2017: Impact on Businesses

$8,000 increase in first-year depreciation limit for passenger automobiles

Special depreciation: 3 choices present new options - de minimis safe harbor, sec. 179, and bonus depreciation present opportunities

Beyond expensing under Section 179, "bonus" depreciation has allowed additional first-year depreciation deductions for amounts spent on certain business equipment.

Business tax benefits

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.

Key business tax changes

* 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;

GAAs are a valuable planning option for tangible property depreciation

Along with the expensing provision, the ability to take an additional first-year depreciation deduction also benefits farmers making capital purchases.

Agriculture, the tax code, and potential tax reform

The additional 50 percent first-year depreciation deduction for investments in qualified property is extended for property placed in service in 2013.

Accounting consequences of the American Taxpayer Relief Act: though many tax credits and deductions were included in the American Taxpayer Relief Act, the fact that it was signed by the president after expirations in 2012 could affect the accounting and taxes when compared to previous years for many companies

The $8,000 increase in the first-year depreciation cap for passenger automobiles for which bon us depreciation is claimed remains unchanged and continues to apply to vehicles placed in service during 2013.

2012 ATRA: highlights of the 2012 American Taxpayer Relief Act include AMT relief, IRA distributions and more

Code Sec 179 expensing should be taken first, followed by bonus depreciation, and then regular first-year depreciation. Careful consideration should be taken when planning for depreciation; for example certain taxpayers may benefit from electing out of bonus depreciation, and certain property qualifies for Code sec.

Koontz & Associates on Post-Election Tax Policy for Businesses

The amount of first-year depreciation has been 30 percent, 50 percent or 100 percent and has most recently been reduced to 50 percent for 2012.

Expiring tax laws create uncertainty

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