Amends TCA Title 67, Chapter 4, Part 20.
Tennessee HB0477 amends the tax code regarding the computation of "net earnings" or "net loss" for excise tax purposes, specifically for assets purchased between January 1, 2023, and January 1, 2026. It allows taxpayers, including corporations and limited liability companies, to apply federal tax rules for depreciation as outlined in the Tax Cuts and Jobs Act of 2017. Starting January 1, 2026, the bill permits taxpayers to elect to deduct 40% of the cost of depreciable assets in the purchase year, with the option to align with any increased federal bonus depreciation percentage.
Tennessee HB0477 amends the tax code regarding the computation of "net earnings" or "net loss" for excise tax purposes, specifically for assets purchased between January 1, 2023, and January 1, 2026. It allows taxpayers, including corporations and limited liability companies, to apply federal tax rules for depreciation as outlined in the Tax Cuts and Jobs Act of 2017. Starting January 1, 2026, the bill permits taxpayers to elect to deduct 40% of the cost of depreciable assets in the purchase year, with the option to align with any increased federal bonus depreciation percentage.
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