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Article: Commentary: Economic Stimulus Act highlights
- Article from:
- Daily Record (Rochester, NY)
- Article date:
- February 22, 2008
- Author:
CopyrightCopyright 2008 Daily Record (Rochester, NY). Provided by ProQuest LLC. (Hide copyright information)
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Intended to provide an expedited economic stimulus to the
economy, the Economic Stimulus Act of 2008 was signed into law on
Feb. 13.
While the receipt by eligible individuals in 2008 of a rebate
check, as described below, has drawn most of the attention, here are
other highlights of the benefits provided by the Act:
Asset expense election
A business that places depreciable tangible personal property in
service in a taxable year beginning in 2008, including off the shelf
computer software used in the active conduct of a trade or business,
may elect under Sect. 179 of the Internal Revenue Code to deduct up
to $250,000 (increased from $128,000) of the cost of such property.
The $250,000 ...