100% Tax Write-off for Equipment!
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) was signed into law by President Obama on Dec. 17, 2010. Included in this legislation is a benefit regarding the purchase of certain assets used in a business. The legislation allows taxpayers to take a deduction for 100% of the cost of equipment acquired from Sept. 8, 2010 through Dec. 31, 2011.
Under the new law businesses may immediately write-off 100% of the cost of equipment acquired between Sept 8, 2010 and December 31, 2011, provided the equipment is used in the United States. Additionally, the equipment must be new and the original use of the equipment must commence with the taxpayer claiming the bonus depreciation on its timely filed tax return.
To be eligible for the 100% bonus depreciation, the equipment must have a recovery period of 20 years or less.
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