2010 Bonus Depreciation Guidance

In March 29th the IRS released Revenue Procedure 2011-26 that provides detailed guidance on the 2010 Tax Relief Act’s 100% and extended 50% bonus depreciation rules. The new Rev. Proc. allows a broader definition of binding contact dates for self-constructed property to permit 100% bonus depreciation for components that are part of a larger project that began construction before Sept. 9, 2010. Taxpayers are also allowed to choose between 100% or 50% bonus depreciation for the 2010 tax year. Also the IRS has allowed 100% bonus depreciation for qualified restaurant property or qualified retail improvement property that also meets the definition of qualified leasehold improvement property.

The following link provides the full text of Revenue Procedure 2011-26.

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