Relating to connection to federal tax allowing business deductions; prescribing an effective date.
Catchline/Summary:
Establishes December 21, 2017, connection date for Internal Revenue Code sections governing bonus depreciation and deduction of net business interest. Establishes December 21, 2017, connection date for Internal Revenue Code sections governing bonus depreciation and deduction of net business interest. Allows full bonus depreciation in first year of service and provides for addition in later year of excess amounts subtracted from federal taxable income. Applies to tax years beginning on or after January 1, 2023, and to property placed in service on or after January 1, 2023.
Allows deduction of certain net business interest without limitation. Applies to tax years beginning on or after January 1, 2023.
Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HB 2549 House Committee On Revenue
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