Electronic Documents of Illinois
Document IdentificationUsers should pay particular attention to version identification or dates of publication of documents retrieved. Earlier, possibly superseded, versions of documents are also stored here. Title
Illinois Decouples from Federal Law
- Illinois Department of Revenue publication FY 2003-02 Illinois Decouples from Federal Law, Informational Bulletin To: All Income Tax Preparers On March 9, 2002, President George W. Bush signed PL 107-147, the Job Creation and Worker Assistance Act of 2002, also known as the Economic Stimulus package. Under this new federal law, there is a change to individual and business income tax filing for tax years 2001 and after. For federal income tax purposes, taxpayers are able to deduct the bonus depreciation of 30 percent of the cost of capital assets acquired and placed in service between September 10, 2001, and September 11, 2004. Taxpayers depreciate the remaining 70 percent of the cost using their normal depreciation method. For most assets, the normal depreciation is 70 percent of what the amount would be if no bonus depreciation was claimed.
Originally Deposited as: 1672
Phone Number: Language(s): EN-English Volume or Year: 2002
Number or Issue: August Date Created: 08 30 2002
Date Last Modified: 08 30 2002 Librarian Remarks:
Access This Publication1. FY 2003-02 Illinois Decouples from Federal Law (20070205183852_Fy200302.pdf).
Document Size:48224 Software: Acrobat Distiller Version: 4.0 for Windows This is part of a series. It is part of Informational Bulletin: Illinois Department of Revenue: 3016