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TN HB0477
Bill
Status
1/28/2025
Primary Sponsor
Kevin Vaughan
Click for details
AI Summary
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Maintains federal Tax Cuts and Jobs Act bonus depreciation rules for Tennessee excise tax purposes on assets purchased between January 1, 2023 and January 1, 2026
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Establishes a 40% bonus depreciation deduction for depreciable assets purchased on or after January 1, 2026, which taxpayers may elect annually
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Allows Tennessee taxpayers to follow federal bonus depreciation rates if Congress increases the percentage above 40% after January 1, 2026
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Takes effect immediately upon becoming law
Legislative Description
AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 20, relative to the deduction for bonus depreciation for excise tax purposes.
Taxes
Last Action
Placed on s/c cal Finance, Ways, and Means Subcommittee for 4/14/2025
4/9/2025