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Indiana Code — Title 6 (Taxation)

IC 6-5.5-1-20

"Bonus depreciation"

Official textiga.in.govlast amended

Sec. 20. As used in this article, "bonus depreciation" means an amount equal to that part of any depreciation allowance allowed in computing the taxpayer's federal taxable income that is attributable to the additional first-year special depreciation allowance (bonus depreciation) for qualified property allowed under Section 168(k) of the Internal Revenue Code, including the special depreciation allowance for 50-percent bonus depreciation property. For taxable years beginning after December 31, 2017, the term does not include any amount of additional first-year special depreciation allowance under Section 168(k) of the Internal Revenue Code in the amount of adjusted gross income realized on the exchange of property that otherwise would have been deferred under Section 1031 of the Internal Revenue Code in effect on January 1, 2017, if:

# (1)

the exchange would have been eligible for nonrecognition of gain or loss under Section 1031 of the Internal Revenue Code in effect on January 1, 2017;

# (2)

the exchange is not eligible for nonrecognition of gain or loss under Section 1031 of the Internal Revenue Code; and

# (3)

the taxpayer claimed a deduction for the additional first-year special depreciation allowance under Section 168(k) of the Internal Revenue Code with regard to the acquired property.
For purposes of this section, if the taxpayer elected to claim a deduction under Section 179 of the Internal Revenue Code with regard to an item of acquired property, the adjusted gross income realized on the exchange must be reduced (but not below zero dollars ($0)) by the amount of the deduction under Section 179 of the Internal Revenue Code elected to be claimed on the acquired property.
As added by P.L.105-2003, SEC.5. Amended by P.L.246-2005, SEC.76; P.L.234-2019, SEC.17.

Amendment history

As added by P.L.105-2003, SEC.5. Amended by P.L.246-2005, SEC.76; P.L.234-2019, SEC.17.

Source: view the official text

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Nearby sections (25 sections)
  1. 6-5.5-1-8 · "Employee"
  2. 6-5.5-1-9 · "Foreign bank"
  3. 6-5.5-1-10 · "Gross income"
  4. 6-5.5-1-11 · "Internal Revenue Code"
  5. 6-5.5-1-12 · "Nonresident taxpayer"
  6. 6-5.5-1-13 · "Resident taxpayer"
  7. 6-5.5-1-14 · "Subsidiary"
  8. 6-5.5-1-15 · "Taxable year"
  9. 6-5.5-1-16 · "Taxing jurisdiction"
  10. 6-5.5-1-17 · "Taxpayer"
  11. 6-5.5-1-18 · "Unitary business"
  12. 6-5.5-1-19 · "Partnership"
  13. 6-5.5-1-20 · "Bonus depreciation"
  14. 6-5.5-1-21 · "Loans arising in factoring"
  15. 6-5.5-2-1 · Computation of franchise tax
  16. 6-5.5-2-2 · Repealed
  17. 6-5.5-2-3 · Apportioned income of taxpayer not filing combined return
  18. 6-5.5-2-4 · Apportioned income of taxpayer filing combined return for
  19. 6-5.5-2-5 · Repealed
  20. 6-5.5-2-5.3 · Repealed
  21. 6-5.5-2-6 · Credit for nonresident taxpayer
  22. 6-5.5-2-7 · Exemptions
  23. 6-5.5-2-8 · Partnerships; grantor or beneficiary of a trust; information
  24. 6-5.5-3-1 · Transacting business within state
  25. 6-5.5-3-2 · Maintains office
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