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