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Accelerated Depreciation for Capital Expenditures under the 2003 Tax Law: Is 2004 the Year to Buy?

Accelerated Depreciation for Capital Expenditures under the 2003 Tax Law: Is 2004 the Year to Buy?


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by Gary Allerheiligen
In an effort to rejuvenate the economy, Congress passed and President Bush signed into law, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). Included within this legislation were provisions to spur capital spending during the years 2003, 2004, and 2005. The thrust of these provisions within the legislation was to increase current manufacturing of capital goods, thus driving the recovery of the economy. As a result of this legislation, it is now possible to write off a substantial portion of your new equipment within the first year of purchase. How?