I have not come across any tax laws, of the kind to which you refer,
that are specific for either Marin County or San Francisco. However,
I think you may be refering to some tax laws newly enacted along withe
the 2003 Tax Act. The Act states that the total cost a business
taxpayer may expense for a given tax year is $100,000. This is for
property placed in service during the 2004 tax year. In addition, the
expensing ceiling is $400,000. For the 2004 and
2005 tax years, the $100,000 and $400,000 amounts described above are
each indexed annually for inflation, so they could be a bit higher.
Aside from this The Tax Act increases the bonus depreciation deduction
for certain ?qualified business property.? This property includes
computer software, property with a depreciable life of 20 years or
less, water utility property and certain leasehold improvement
property. Under the Act, a taxpayer may claim a 50 percent bonus
depreciation deduction (the former deduction was 30 percent) for
qualified business property in the year the property is placed in
service. However; (i) the taxpayer must be the first user of that
property, (ii) the property must be acquired after May 5, 2003 and
before the end of 2004 and (iii) the property must have been placed in
service after May 5, 2003 and before the end of 2004 (in the case of
certain longer-lived property, before the end of 2005). Property for
which a binding written contract for its acquisition was in effect
before May 6, 2003 does not qualify for the 50 percent bonus
depreciation. I hope this helps. www.taxarrest.com |
