Small Business Jobs Act Extends First-Year Depreciation Allowance for Qualifying Property
On September 29, 2010, President Obama signed into law the Small Business Jobs Act of 2010, extending the first-year depreciation allowance for qualifying property, including renewable energy systems. The Economic Stimulus Act of 2008 provided a first-year, 50% bonus depreciation deduction for qualified property placed in service in 2008, and the American Recovery and Reinvestment Act extended the placed-in-service date through 2009. The provision signed by the President on September 29th further extends the first-year bonus depreciation deduction to qualified property acquired and placed in service for the 2010 tax year (retroactively).
To qualify, the original use of the property must commence with the taxpayer; the property must have been acquired in 2008, 2009, or 2010; and the property must have been placed in service in 2008, 2009, or 2010.
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