Investment deduction for new plant or machinery expanded with eligibility window and recapture on sale, plus temporary sunset provision. A new investment deduction is added permitting manufacturing companies that acquire and install new assets above a threshold in a previous year to claim a deduction equal to fifteen per cent of the actual cost for the relevant assessment year; taxpayers eligible under the existing subsection (1) are excluded for the assessment year starting 1 April 2015, the new deduction is disallowed from assessment years on or after 1 April 2018, and subsection (2) is amended to subject such deductions to the five year recapture rule on transfer.
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Provisions expressly mentioned in the judgment/order text.
Investment deduction for new plant or machinery expanded with eligibility window and recapture on sale, plus temporary sunset provision.
A new investment deduction is added permitting manufacturing companies that acquire and install new assets above a threshold in a previous year to claim a deduction equal to fifteen per cent of the actual cost for the relevant assessment year; taxpayers eligible under the existing subsection (1) are excluded for the assessment year starting 1 April 2015, the new deduction is disallowed from assessment years on or after 1 April 2018, and subsection (2) is amended to subject such deductions to the five year recapture rule on transfer.
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