Section 179 expensing (increased limit)
GPTKB entity
Statements (16)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
tax provision
|
| gptkbp:adjustedFor |
inflation
|
| gptkbp:appliesTo |
small businesses
business property |
| gptkbp:effect |
reduces taxable income
|
| gptkbp:enactedBy |
gptkb:United_States_Congress
|
| gptkbp:feature |
increased deduction limit
|
| https://www.w3.org/2000/01/rdf-schema#label |
Section 179 expensing (increased limit)
|
| gptkbp:limitation |
$1,160,000 for tax year 2023
|
| gptkbp:phaseOutThreshold |
$2,890,000 for tax year 2023
|
| gptkbp:purpose |
allow businesses to deduct cost of qualifying property
|
| gptkbp:relatedTo |
gptkb:Tax_Cuts_and_Jobs_Act_of_2017
gptkb:Internal_Revenue_Code_Section_179 |
| gptkbp:taxStatus |
gptkb:Form_4562
|
| gptkbp:bfsParent |
gptkb:Tax_Cuts_and_Jobs_Act_of_2017
|
| gptkbp:bfsLayer |
5
|