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Tax Relief for Capital Equipment Purchases

Businesses can benefit from a number of extended and enhanced tax breaks under the recently enacted 2010 Tax Relief Act. The 2010 Tax Relief Act boosts bonus depreciation from 50% to 100%.

For qualifying property placed in service after September 8, 2010 and before the end of 2011, the 100% bonus depreciation allows taxpayers to expense the entire capitalized cost of the property in the first year. A one year extension of the placed-in-service date (i.e., before the end of 2012) is allowed for property with a longer production period and certain noncommercial aircraft.

For qualifying property placed in service after 2011 and before the end of 2012, the bonus depreciation allowance will equal 50% of the basis of the qualifying property. The remaining 50% of the property's basis will follow normal depreciation rules. A one year extension of the placed-in-service date (i.e., before the end of 2013) is allowed for property with a longer production period and certain noncommercial aircraft.