This revenue procedure provides guidance under § 2022(a) of the Small Business Jobs Act of 2010, Pub. L. No. 111-240, 124 Stat. 2504 (September 27, 2010) (SBJA), and § 401(a) and (b) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. L. No. 111-312, 124 Stat. 3296 (December 17, 2010) (TRUIRJCA). Sections 2022(a) of the SBJA and 401(a) of the TRUIRJCA amend § 168(k)(2) of the Internal Revenue Code by extending the placed-in-service date for property to qualify for the 50-percent additional first year depreciation deduction. Section 401(b) of the TRUIRJCA amends § 168(k) by adding § 168(k)(5) that temporarily allows a 100-percent additional first year depreciation deduction for certain new property.
Section 168(k)(5) enacted by Pub. L. No. 111-312, applies retroactively to allow taxpayer's to claim 100% additional first year depreciation deduction for property placed in service after 9/8/10. A taxpayers will need to make an election on its tax return to receive this benefit for certain component property. A taxpayer may also elect, for administrative convenience, to forego 100% bonus depreciation and instead claim 50% bonus depreciation for 2010. Large corporate taxpayers in capital intensive industries need this guidance to complete their regulatory financial reporting on 3/15/11.
This revenue procedure provides guidance under § 2022(a) of the Small Business Jobs Act of 2010, Pub. L. No. 111-240, 124 Stat. 2504 (September 27, 2010) (SBJA), and § 401(a) and (b) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. L. No. 111-312, 124 Stat. 3296 (December 17, 2010) (TRUIRJCA).
The collections of information in this revenue procedure are in sections 3.02(2)(b)(ii) and 4.03. This information is required to make the elections provided under these sections. This information will be used by the Service for examination purposes. The creation of these new requirements will result in an estimated 250,000 new responses and a total estimated burden increase of 125,000 hours.
$0
No
No
No
No
No
Uncollected
Elizabeth Handler 202 622-3940
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Revenue Procedure 2011-XX, Additional First Year Depreciation Deduction