Development allowance computation and deduction timing reformed to require staged calculation and allocation over successive years. Amendments increase the prescribed rates and alter timing and computation of the development allowance in section 33A: first compute allowance with reference to planting costs in the year land is prepared and the immediately following year and allow that amount in the following year; then recompute on total actual planting cost and allow any excess in the third succeeding previous year. Subsection (2) is amended to refer to the previous year for allowance and to require calculations at the prescribed rates and in the manner specified in subsection (1).
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Development allowance computation and deduction timing reformed to require staged calculation and allocation over successive years.
Amendments increase the prescribed rates and alter timing and computation of the development allowance in section 33A: first compute allowance with reference to planting costs in the year land is prepared and the immediately following year and allow that amount in the following year; then recompute on total actual planting cost and allow any excess in the third succeeding previous year. Subsection (2) is amended to refer to the previous year for allowance and to require calculations at the prescribed rates and in the manner specified in subsection (1).
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