Economic Stimulus Act of 2008 – Take advantage of business incentives before it’s too late

Description

Abstract: The $152 billion Economic Stimulus Act of 2008 has received a lot of attention for its “recovery rebates” and other personal tax incentives. But as part of its effort to jump-start the economy, the act also provides valuable incentives for businesses to boost their capital spending. Among other things, the act nearly doubles the limit on Internal Revenue Code Section 179 expensing and offers a 50% first-year depreciation bonus for certain business property and qualified leasehold improvements. This article reviews these incentives and reminds businesses that they are temporary, so eligible companies need to act quickly.