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TN SB0032
Bill
Status
1/6/2025
Primary Sponsor
Paul Bailey
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AI Summary
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Amends Tennessee Code Annotated, Section 67-4-2006(a)(12) regarding bonus depreciation deductions for state excise tax calculations
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Assets purchased between January 1, 2023 and January 1, 2026 will continue to follow IRC Section 168 bonus depreciation rules as established under the Tax Cuts and Jobs Act of 2017
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Assets purchased on or after January 1, 2026 may receive an annual elective deduction of 40% of the cost of depreciable assets in the year of purchase
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If the federal government increases bonus depreciation above 40% after January 1, 2026, Tennessee taxpayers may elect to use the higher federal percentage instead
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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
Assigned to General Subcommittee of Senate Finance, Ways & Means Committee
4/22/2025