Illinois Depreciation Schedule refers to a document or table that outlines the applicable depreciation rates for different types of assets used in Illinois for tax purposes. This schedule helps businesses and taxpayers calculate the depreciation expenses of their assets accurately, allowing them to claim tax deductions to reflect the diminishing value of their assets over time. The Illinois Depreciation Schedule includes various types of assets commonly found in businesses, such as buildings, vehicles, machinery, and equipment. Each category may have different subcategories or specific types that have their own specific depreciation rates. Some types of Illinois Depreciation Schedules are as follows: 1. Real Property Depreciation Schedule: This schedule covers the depreciation of buildings and other structures used for business purposes. It may include commercial properties, warehouses, offices, and rental properties. Depreciation rates may vary depending on the type of property and its estimated useful life. 2. Personal Property Depreciation Schedule: This schedule applies to tangible assets that are not permanently attached to real property, such as vehicles, machinery, and equipment. It includes assets like computers, furniture, vehicles used for business purposes, manufacturing equipment, and office equipment. Each asset category may have its own specific depreciation rates listed. 3. Special Industry-specific Depreciation Schedules: Certain industries have specialized assets with unique depreciation rules. For example, the Illinois Department of Revenue may provide specific depreciation schedules for farming equipment, aircraft, watercraft, and telecommunications equipment. It is essential to consult the Illinois Depreciation Schedule relevant to the specific assets and industries to accurately calculate depreciation expenses. These schedules help businesses and taxpayers comply with tax regulations, properly report their assets' depreciation, and claim appropriate deductions, resulting in accurate tax filings and potential cost savings.
Illinois Depreciation Schedule
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Bonus depreciation decoupling Illinois has conformed to 100% bonus depreciation since the Tax Cuts and Jobs Act of 2017 (TCJA)6 reinstituted the concept for federal income tax purposes. Under the budget bill, Illinois will no longer conform to 100% bonus depreciation for tax years ending on or after Dec. 31, 2021.
Public Act 102-16 amended Section 203 of the Illinois Income Tax Act to decouple Illinois from federal 100 percent bonus depreciation for tax years ending on or after December 31, 2021.
Public Act 102-16 amended Section 203 of the Illinois Income Tax Act to decouple Illinois from federal 100 percent bonus depreciation for tax years ending on or after December 31, 2021.
States that have adopted the new bonus depreciation rules:Alabama.Alaska.Colorado.Delaware.Illinois.Kansas.Louisiana.Michigan.More items...
Pritzker signed into law SB2017, the state's FY 2022 budget legislation. Among many other noteworthy items within that piece of legislation, Illinois officially decouples from federal bonus depreciation for tax years ending on or after December 31, 2021.
2) Which assets are subject to bonus depreciation? Qualified business property that has a useful life of 20 years or less. Examples include equipment, furniture, fixtures, machinery, computer software, and costs of qualified film or television productions, and live theatrical productions.
Applicable for tax years ending on or after December 31, 2021, S.B. 2017 provides that Illinois decouples from 100% federal bonus depreciation.
Pritzker signed into law SB2017, the state's FY 2022 budget legislation. Among many other noteworthy items within that piece of legislation, Illinois officially decouples from federal bonus depreciation for tax years ending on or after December 31, 2021.
Historically, Illinois has decoupled from the federal 30% and 50% bonus depreciation rules but conformed to the 100% bonus depreciation rules. Under SB 2017, for tax years ending on or after December 31, 2021, Illinois would also decouple from the 100% bonus depreciation rule.
