NAEDA submitted comments to the Senate Finance Committee on December 16th that listed a set of requested actions that the committee should consider as part of their Cost Recovery and Accounting Discussion Draft Comments. NAEDA's requested actions were:
• Make permanent the bonus depreciation and Section 179 provisions enacted under The Small Business and Work Opportunity Tax Act of 2007, the Economic Stimulus Act of 2008 and the American Taxpayer Relief Act of 2012.
• Change the farm and ranch equipment assigned class life to five years for depreciation purposes. This will match the same assigned class life of construction equipment.
• Modify the current depreciation schedules for buildings and their contents to accurately reflect actual lifetime usage rates and specialty uses to match industry’s needs.
• Do not repeal Last-in, First-out (LIFO) accounting method.
• Delete IRC Section 263A of the IRS Code.
A copy of the letter sent can be read here.