Post-JGTRRA bonus depreciation.(Jobs and Growth Tax Relief Reconciliation Act of 2003 )

From: The Tax Adviser | Date: October 1, 2003| Author: | Copyright information

Depreciation

One of the primary business incentives offered by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), Section 201 (a), is a provision under Sec. 168(k)(4) that allows a taxpayer to take a 50% deduction for "bonus" depreciation during the first year ah asset is placed in service. The provision applies to property acquired after May 5, 2003 and before 2005 (2006 for certain long-lived property).

Eligibility

To be eligible, property must be placed in service for the first time (i.e., used property is not eligible) and generally must be ...

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