The Internal Revenue Service said it would soon issue guidance to help businesses determine how to use the special 50 percent bonus depreciation allowance included with the recent economic stimulus legislation.
The Economic Stimulus Act of 2008 encourages businesses to make capital investments by adding a special 50 percent depreciation allowance for qualifying purchases. The allowance is available to all businesses and applies to most types of tangible personal property and computer software acquired and placed in service in 2008. Taxpayers can deduct 50 percent of the cost of qualifying property in addition to the regular depreciation allowance.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access