Enhanced capital expenditure deduction for eligible specified businesses increases allowable deduction for qualifying new operations under amended provision. A new provision grants an enhanced deduction equal to one and one-half times qualifying capital expenditure for certain specified businesses that commence operations on or after the notified commencement date, effective from the specified later date. The amendment also adds three new specified business categories - inland container depot/container freight station operation, bee keeping and honey/beeswax production, and warehousing for sugar storage - with commencement thresholds, and inserts a retrospective deeming rule that treats owners who build hotels and transfer operations as carrying on the specified hotel business for deduction purposes.
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Provisions expressly mentioned in the judgment/order text.
Enhanced capital expenditure deduction for eligible specified businesses increases allowable deduction for qualifying new operations under amended provision.
A new provision grants an enhanced deduction equal to one and one-half times qualifying capital expenditure for certain specified businesses that commence operations on or after the notified commencement date, effective from the specified later date. The amendment also adds three new specified business categories - inland container depot/container freight station operation, bee keeping and honey/beeswax production, and warehousing for sugar storage - with commencement thresholds, and inserts a retrospective deeming rule that treats owners who build hotels and transfer operations as carrying on the specified hotel business for deduction purposes.
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