New Jersey S2676 allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes.

New Jersey S2676 allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes, aligning state tax law with federal provisions. Specifically, the bill permits the accelerated depreciation of assets under section 168 of the federal Internal Revenue Code and the immediate deduction of certain capital expenses under section 179. This change matches the federal tax code's 2002 and 2001 provisions, respectively. The bill applies to privilege periods and taxable years beginning on or after the effective date.

New Jersey S2676 allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes.

New Jersey S2676 allows farm operators to accelerate depreciation of certain expenditures under corporation business and gross income taxes, aligning state tax law with federal provisions. Specifically, the bill permits the accelerated depreciation of assets under section 168 of the federal Internal Revenue Code and the immediate deduction of certain capital expenses under section 179. This change matches the federal tax code's 2002 and 2001 provisions, respectively. The bill applies to privilege periods and taxable years beginning on or after the effective date.