depreciation

After the stock bubble burst in the late '90s, the government used the tax code to promote small business investment into equipment through increasing the immediate expensing limits provided for by Internal Revenue Code Section 179. For many years, the State of Arizona conformed the the Internal Revenue Code in arriving at taxable income.  Especially hard hit by the economic downturn, the State of Arizona decided it could not comply with the increased expensing election. For tax year 2013, the State of Arizona will conform to the increased §179 deductions of up to $500,000 on qualifying property. Aaron's Take:  The [...]