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Revisiting Post-JGTRRA sec. 179.

Publication: The Tax Adviser
Publication Date: 01-OCT-04 		Format: Online - approximately 830 words
Delivery: Immediate Online Access
Full Article Title: Revisiting Post-JGTRRA sec. 179.(Jobs and Growth Tax Relief Reconciliation Act of 2003)

Article Excerpt
The expensing election under Sec. 179 was overhauled by the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). For tax years beginning in 2003-2005, the annual deduction limit and the qualifying investment limit were increased substantially; thus, more small businesses should qualify for the deduction. The Joint Committee on Taxation has estimated that these changes will provide about $8 billion of tax relief over the three-year period; see Joint Committee on Taxation, "Estimated Budget Effects of the Conference Agreement for H.R. 2, The 'Jobs and Growth Tax Relief Reconciliation Act of 2003,' Fiscal Years 2003-2013" (5/22/03). Thus, it is a good trine to review the basic rules and some planning strategies.

JGTRRA Changes

Under Sec. 179(d)(1), tangible personal property and off-the-shelf...

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