|Fixed Asset Software: Asset Accounting and Asset Inventory Solutions
- State Tax Information
Many states have depreciation rules that differ
from the federal rules. This is especially true following the passage
of the Job Creation and Worker Assistance Act of 2002. Some states
decided to adopt the 30% depreciation allowance, and some decided
to decouple from this federal provision. The new Jobs and Growth
Tax Relief Reconciliation Act of 2003 includes provisions increasing
the first-year depreciation allowance from 30% to 50%, and increasing
the maximum Section 179 expense from $25,000 to $100,000. We've
seen a significant number of states decouple from these provisions,
and therefore, we recommend that you check with the tax agency in
your state(s) to determine if your state(s) have adopted these new
rules relating to depreciation.
Once you've chosen your State, you will see specific
information on whether or not your state has conformed to the depreciation
provisions within the Job Creation and Worker Assistance Act of
2002 and the Jobs and Growth Tax Relief Reconciliation Act of 2003,
specifically the 30% or 50% first-year depreciation deduction and
the increase in the maximum Section 179 expense. You will also be
provided with a link to the tax agency for your state should you
need to gather additional information.
here to launch State Tax Information in a separate window and
learn about depreciation rules in your state(s)
To speak with a Representative,
please call 541.221.3450 or send an email.
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