SiteTitle | • | Illinois Decouples from Federal Law | [X] |
| | 1: | | Title: | | | | | Volume/Number: | 2002 August | | | | Issuing Agency: | | | | | Description: | 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. | | | | Date Created: | 08 30 2002 | | | | Agency ID: | FY 2003-02 | | | | ISL ID: | 000000001728 Original UID: 1672 FIRST WORD: Illinois | |
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