U.S. Senator Pat Roberts (R-Kan.) on June 24 introduced legislation that seeks to amend the U.S. tax code to indefinitely renew the expired tax break known as bonus depreciation.
The measure would permanently allow businesses to immediately deduct half of the cost of new equipment and property purchases, freeing up money for reinvestment and growth. It also expands the definition of qualifying property under bonus depreciation to include retail and restaurant improvements. The legislation further would allow businesses to claim unused Corporate Alternative Minimum Tax credits and use the credits for capital investment.
First enacted in 2002, bonus depreciation has been extended and expired many times creating significant uncertainty and discouraging investment spending by businesses. This legislation would provide much needed certainty in the tax code so that businesses can better plan investments.
Sens. Johnny Isakson (R-Ga.), Roy Blunt (R-Mo.), and Pat Toomey (R-Pa.) are original cosponsors of this legislation.
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