Fiscal Cliff Tax Changes

Depreciation Provisions Modified And Extended

The following depreciation provisions are retroactively extended by the Act through 2014: 15-year straight line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements; 7-year recovery period for motorsports entertainment complexes;accelerated depreciation for business property on an Indian reservation; increased expensing limitations and treatment of certain real property as Code Sec. 179 property; special expensing rules for certain film and television productions; and the election to expense mine safety equipment.

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