EAM: Tax Department Spelled Out The Recent Tax Changes American Taxpayer Relief
(Doc ID 2335054.1)
Last updated on NOVEMBER 23, 2019
Applies to:PeopleSoft Enterprise FIN Asset Management - Version 9.2 and later
Information in this document applies to any platform.
Below our tax department spelled out the recent tax changes.
Here's the summary of the relevant Tax laws so that Oracle knows the specific requirements that we are inquiring about:
o The American Taxpayer Relief Act of 2012 extended the 50% bonus depreciation percentage for qualified property (QP) placed in service (PIS) in calendar year 2013.
o The Tax Increase Prevention Act of 2014 retroactively extended the 50% bonus depreciation percentage for QP PIS in calendar year 2014.
o The Protecting Americans from Tax Hikes Act of 2015 extended the 50% bonus depreciation percentage for QP PIS in calendar years 2015 through 2017.
It also provided for a phase-down of the bonus depreciation percentage to 40 for QP PIS in calendar year 2018 and to 30% for QP PIS in calendar year 2019.
These PIS dates are typically extended 1 year beyond for QP with a long production period.
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