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Decoupling modification is a tax terminology resulting from the federal tax law enacted March 9, 2002, which created a new tax deduction for "bonus depreciation" that threatened to cost states very large amounts of revenue.[1]
Federal Bonus Depreciation, Section 168(k) of the Internal Revenue Code,[2] allows the acceleration of depreciation on federal tax returns, i.e., writing off a higher amount of depreciation for the first year an asset goes into service.[3] States that refuse to accept this method of calculating depreciation for state taxes, for example, Iowa and Maryland, publish forms with instructions so stating.[4][5]
Notes
- ^ "Watch Decoupling Modification Video". Ovguide.com. March 9, 2002. Retrieved November 13, 2013.
- ^ John M. Wachowicz, Jr., Ph.D., CPA. "Wachowicz's Web World - Special Report - Job Creation and Worker Assistance Act of 2002 (JCWAA)". Web.utk.edu. Retrieved November 13, 2013.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "What does it mean to decouple from Federal Bonus Depreciation?". Revenue-pa.custhelp.com. Retrieved November 13, 2013.
- ^ http://iowa.gov/tax/taxlaw/11SF512D.pdf
- ^ http://forms.marylandtaxes.com/current_forms/500dm.pdf
See also
External links
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