Unless a technical correction to the tax bill is passed by Congress , effective Jan . The bill restores bonus depreciation for qualifying new property, including assets used in the horse business, such as yearlings and other equipment, purchased . Congress has finally changed the law that prevented you from taking bonus depreciation on QIP. Idaho conforms to some of the federal tax breaks that Congress extended as part of . Congressional Budget Office, Taxing Capital Income: Effective Rates and Approaches to Reform.
Congress consolidated the four categories of qualified improvements . Additionally, the CARES Act made a technical correction to bonus depreciation with respect to qualified improvement property (QIP). Congress planned for 1 bonus depreciation to apply to qualified improvement property, meaning improvements to an interior portion of a . Because 15-year property is eligible for bonus depreciation , Congress also intended QIP to be eligible for that break. However, the 15-year . For GO Zone bonus depreciation , Congress did not define substantially all and the legislative history does not provide any guidance as to what Congress . It is eligible for bonus depreciation , allowing taxpayers to deduct up to .