The American Taxpayer Relief Act of 2012 (fiscal cliff legislation) provides for an extension of 50 percent bonus depreciation through the end of 2013. The deadline for 100 percent bonus depreciation was not extended.
Basically, qualified property acquired by a taxpayer and placed in service before Jan. 1, 2014 will be entitled to 50 percent bonus depreciation.
"Certain aircraft" or "long-production period property" may qualify for 50 percent bonus depreciation even if they are placed in service in 2014.
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