Bonus Depreciation Extended Through End of Year

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On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010. The new law includes an estimated $12 billion in tax incentives. One piece of the legislation that can have a profound impact on owners/fleets who run commercial trucks, including but not limited to bucket trucks, digger derricks, and pressure diggers, is the extension of the bonus depreciation provision. The new law extends, through December 31, 2010, 50-percent first-year bonus depreciation, which had expired at the end of 2009. Bonus depreciation under the new law carries a very short window of opportunity — Qualifying equipment must be purchased and placed into service on or before December 31, 2010.

Read more about the new law at http://www.prweb.com/releases/Section179/Deductions/prweb4569974.htm.