Washington — The Internal Revenue Service has issued proposed and temporary regulations relating to the election to deduct the cost of certain tangible property and computer software. The regulations reflect changes to the law made by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The regs generally permit small business taxpayers to elect to deduct up to $100,000 of the cost of qualifying property purchased and placed in service in a taxable year beginning after 2002 and before 2006. Additionally, taxpayers are permitted to make or revoke an election on an amended return for those taxable years without the consent of the commissioner.
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