Part of the federal stimulus bill, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, Section 179, may spur many businesses to replace aging equipment, software and even marketing exhibits right now. New purchases of business machinery between September 9, 2010, and December 31, 2011, can be depreciated 100 percent during the 2011 tax year, which allows buyers to write off costs without the complex depreciation calculations (normally, such write-offs take place over a period of several years). With a larger write-off comes higher working capital, another asset for cash-stressed businesses. There is no limit to the number of purchases that receive the bonus depreciation, so major equipment revamps may be a good idea for businesses. Read the guidance about the tax bonus depreciation here.
Write off 2011 equipment purchases
Industry News | May 1, 2011 | By: ATA
You might also like...
AATCC announces 2024 student chapter award winners
INDA honors three nonwoven industry professionals with lifetime awards
2024 Techtextil and Texprocess Innovation Award winners announced
FabricLink Network announces development of The Textile Gateway
DITF and VRETENA win Cellulose Fiber Innovation of the Year 2024 Award
New DHS textile enforcement plan cracks down on illicit trade