| Description: | This report examines the current status, legislative history, and economic effects of the two expensing allowances (Section 179 and Bonus Depreciation Allowance) and also discusses initiatives in the 112th Congress to modify them. Expensing is the most accelerated form of depreciation for tax purposes. Section 179 of the Internal Revenue Code (IRC) allows a taxpayer to expense up to $125,000 of the total cost of new and used qualified depreciable assets it buys and places in service in 2012, within certain limits. In addition, Section 168(k) generally allows taxpayers to expense half the cost of qualified assets bought and placed in service in 2012. |
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| Creator(s): | Guenther, Gary |
| Location(s): | United States |
| Creation Date: | September 10, 2012 |
| Partner(s): |
UNT Libraries Government Documents Department
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| Collection(s): |
Congressional Research Service Reports
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| Usage: |
Total Uses: 28
Past 30 days: 5
Yesterday: 0
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| Creator (Author): |
Guenther, Gary
Analyst in Public Finance |
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| Publisher Info: |
Publisher Name: Congressional Research Service, Library of Congress
Place of Publication: Washington D.C.
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| Original Creation Date: | September 10, 2012 | |
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| Description: | This report examines the current status, legislative history, and economic effects of the two expensing allowances (Section 179 and Bonus Depreciation Allowance) and also discusses initiatives in the 112th Congress to modify them. Expensing is the most accelerated form of depreciation for tax purposes. Section 179 of the Internal Revenue Code (IRC) allows a taxpayer to expense up to $125,000 of the total cost of new and used qualified depreciable assets it buys and places in service in 2012, within certain limits. In addition, Section 168(k) generally allows taxpayers to expense half the cost of qualified assets bought and placed in service in 2012. |
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| Physical Description: |
21 pages. |
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| Partner: |
UNT Libraries Government Documents Department
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| Collection: |
Congressional Research Service Reports
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| Resource Type: | Report | |
| Format: | Text | |
