_DSC3038

We look forward to hearing from you!

Kent & O’Connor, Incorporated

1990 M Street NW
Suite 340
Washington, D.C. 20036
Phone: 202-223-6222
FAX: 202-785-0687

 

 

House Passes Bill Making Bonus Depreciation Permanent

July 15, 2014 -- On Friday, the House of Representatives voted to make the Bonus Modified Accelerated Cost Recovery System (MACRS) or "bonus depreciation" program permanent.

Before expiring on December 31st of last year, the program allowed bonus depreciation to be taken for fifty percent of qualified property’s purchase price, with the deduction capped at $8,000 for automobiles, light trucks, vans, and SUVs.

The House bill would also permanently extend the option to increase the alternative minimum tax (AMT) credit limitation in lieu of bonus depreciation.

The tax deduction has never enjoyed a permanent status in the tax code before, instead being extended a year at a time. This permanent extension would grant greater certainty to business for acquisition planning. The bill faces an uncertain future in the Senate, where Finance Committee Chairman Ron Wyden shepherded a tax extenders package through his committee that included 55 incentives and deductions (including a temporary extension of bonus depreciation). Chairman Wyden’s bill has been stalled on the Senate Floor since mid May after an agreement could not be reached amendments to the bill.

More information about the passage of the bill can be found here

 

Back

 
1530 Wilson Boulevard, Suite 350, Arlington, Virginia 22209
F 703-351-6229
P 703-351-6222
©2020 Kent & O'Connor Incorporated, All rights reserved.
Web site design and development by Americaneagle.com