U.S. Congressional Research Service Publishes Report on Section 179 and Section 168(k) Expensing Allowances

The U.S. Congressional Research Services (CRS) has published a report dated 18 August 2023 on The Section 179 and Section 168(k) Expensing Allowances: Current Law, Economic Effects, and Selected Policy Issues. IRC Section 179 allows a taxpayer to expense up to USD 1.16 million of the total cost of new and used qualified assets it places in service in 2023. This amount is indexed for inflation and the allowance is subject to certain limits. IRC Section 168(k), which is commonly known as bonus…