“Tax simplification is complicated stuff.”
PAM OLSONDeputy Assistant Treasury Secretary for Tax Policy
“Another 161 places in the Code that need to be changed.”
JEFF A. SCHNEPPER
You didn’t think Congress would miss a chance for a new tax law in 2002, did you? This is the 36th of the last 38 years in which we’ve had a major tax law.
This one, signed by President Bush on March 9, 2002, has several tax provisions you should be aware of.
The new law allows an additional first-year depreciation deduction equal to 30 percent of the adjusted basis of the property. The property must be purchased after September 10, 2001, and before September 11, 2004. It must be ...