| April 21, 2022 |
| In Case You Missed It! |
| Provisions of the Tax Cut and Jobs Act of 2017 Phasing out Starting Jan. 1, 2023 |
The 100% bonus depreciation currently allowed under the Tax Cut and Jobs Act, which was signed into law in 2017, will start to be phased out in 2023. The bonus depreciation is currently at 100%, meaning that most equipment purchased can be completely expensed in the year of purchase. Unless extended by Congress and signed into law, starting in 2023, that depreciation will be reduced by 20% each year.
Talk to your tax professional regarding how this and any other changes may affect your business.
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| This newsletter is intended for NAAA members only. NAAA requests that should any party desire to publish, distribute or quote any part of this newsletter that they first seek the permission of the Association. The views, thoughts, and opinions expressed herein do not necessarily represent those of the National Agricultural Aviation Association (NAAA), its Board of Directors, staff or membership. Items in this newsletter are not the result of paid advertising and are only meant to highlight newsworthy developments. No endorsement by NAAA is intended or implied. |
