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Federal Bonus Depreciation / Section 179

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Bonus Depreciation

Iowa did not adopt the federal bonus depreciation provisions passed by Congress for assets acquired during 2014. The adjustment for depreciation should be made on form IA 4562A to account for the difference between federal and Iowa depreciation. Also complete form IA 4562B (Iowa Depreciation Accumulated Adjustment Schedule).

Section 179

Iowa has adopted the federal provisions relating to increasing the expensing amount under section 179 of the Internal Revenue Code. The section 179 limit for Iowa for 2014 is $500,000. The phase-out threshold is $2 million.