Bonus Depreciation Provisions Cleared in Tax Relief Package

Bonus Depreciation Provisions Cleared in Tax Relief Package
With just weeks to go before the end of the year, Congress cleared tax relief legislation extending the Bush-era individual and capital gains/dividend tax cuts for all taxpayers for two years.

The Tax Relief Act provides for an AMT "patch," a one-year payroll tax cut, 100% bonus depreciation through 2011 and 50% bonus depreciation for 2012 and a top federal estate tax rate of 35% with a $5 million exclusion, and more.