2.306 -Deduction for Excess First-Year Depreciation
Item | Description | FY2010 | FY2011 | FY2012 |
---|---|---|---|---|
2.306 | Deduction for Excess First-Year Depreciation
Taxpayers may elect to expense certain business assets purchased during the taxable year. The total deduction cannot exceed $25,000 ($100,000 in the case of taxable years beginning after 2002 and before 2010); for taxpayers whose investment in eligible assets exceeds $200,000 ($400,000 in the case of taxable years beginning after 2002 and before 2010) in the year, the $25,000 ceiling is reduced by $1 for each dollar of investment above $200,000. Any remaining cost may be depreciated according to ACRS as described in item 2.305. The immediate deduction results in a deferral of tax or an interest-free loan. Origin: IRC, S. 179 Estimate: $3.5 |
1.1 | 6.9 | 3.5 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
M.G.L. | Massachusetts General Laws |
U.S.C | United States Code |
ESTIMATES | All estimates are in $ millions. |
