Transportation Brief: Temporary 100% Expensing
March 5, 2018
For qualified property acquired and placed in service after September 27, 2017, and before 2023, the Act temporarily increases the additional first-year bonus depreciation percentage from 50% to 100% with the percentages phasing down annually through 2026. The law extends the bonus depreciation opportunity to qualified used property as well, provided the purchaser had not previously used the property, and the property was not acquired from a related party. Given the availability of an immediate deduction on used assets, buyers and sellers may want to explore the possibility of mutually beneficial means to structure transactions as asset deals.
Scopelitis’ Transportation Brief® is intended as a report to our clients and friends on developments affecting the transportation industry. The published material does not constitute an exhaustive legal study and should not be regarded or relied upon as individual legal advice or opinion.
Transportation Brief: The New Tax Law Overview
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Transportation Brief: The Tax Law and Motor-Carrier-Sponsored Per Diem Plans
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Transportation Brief: Spotlight on Taxation Practice Area
When federal laws took effect at the beginning of 2018, Scopelitis attorneys acted quickly to assist with federal compliance issues, and with the subsequent issues that continue to arise as states readjust to align with the new tax environment. Each member of Scopelitis’ Taxation Practice offers a unique set of experiences and thought leadership. Read more about them here.
Transportation Brief: For the Record
We are pleased to announce that Jerry Cooper, a Partner in the Firm’s Chicago office, has been reappointed as a member of the Illinois Workers’ Compensation Commission Self-insurance Advisory Board effective through January 1, 2022.
- On the Road
Scopelitis attorneys are often invited to participate in meetings with transportation industry leaders. Learn more about their trips this quarter.
Transportation Industry News & Trends