The Job Creation and Workers Assistance Act of 2002, signed by President Bush on March 9, was proposed in the wake of the Sept. 11 terrorist attacks with the stated objective of providing a stimulus to the national economy and relief for businesses directly affected by the attacks. The act contains several new tax incentives, as well as a number of unrelated technical corrections and clarifications with respect to previously enacted tax provisions.
The most significant tax incentive in the act is a 30 percent additional first-year depreciation deduction for “qualified property” (i.e., most new property other than real estate) acquired after Sept. 10, 2001. and before Sept. 11, 2004. The act provides this additional depreciation deduction in the year the property is placed in service equal to 30 percent of the adjusted basis of the qualified property. (Code Section 168(k)(1), as amended by Act Section 101(a).)
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