50% GO Zone Bonus Depreciation | Property Depreciation Tax Deductions

The Gulf Opportunity Zone Act established a 50% bonus depreciation allowance as a tax incentive to rebuild the economies devastated by hurricanes Katrina and Rita.

To qualify for the bonus depreciation, the property must be listed within the GO Zone, new, acquired after Aug. 27, 2005, and placed in service before Dec. 31, 2008.The 50% bonus depreciation method must be selected before any other depreciation deductions have been made.

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This entry was posted on Monday, December 1st, 2008 at 12:00 am and is filed under Depreciation. You can follow any responses to this entry through the RSS 2.0 feed.