2022 Standard Federal Tax Reporter (CCH) Committee Reports on P.L. 103-66 (Omnibus Budget Reconciliation Act of 1993), Congress (United States)


Summary

  • Committee Report: Standard Federal Tax Reporter (2022), Committee Reports on P.L. 103-66 (Omnibus Budget Reconciliation Act of 1993)

    .70 Increased section 179 expensing. -The expensing allowance for certain depreciable business property provided under section 179 is increased to $75,000 for qualified zone property of an enterprise zone businesses (as defined above). In addition, the types of property eligible for section 179 expensing are expanded to include buildings used in enterprise zone businesses.

     "Qualified zone property"  is defined as depreciable tangible property (including buildings), provided that: (1) such property was acquired by the taxpayer (but not from a related party) after the zone designation took effect; (2) the original use of the property in the zone commences with the taxpayer  1Link to the text of the note  ; and (3) substantially all of the use of the ...