On May 28th, 2003 President Bush signed into law the Jobs and Growth Tax Relief Reconciliation Act of 2003. There are two key provisions of the act that can have a very favorable impact on many laundry owners.

First, increased bonus depreciation - 50% bonus first year depreciation is available on equipment purchased after May 5, 2003. This is up from the previous 30% enacted in 2002. There is no income limitation on investment or investment limitation on this provision. This provision does not increase total depreciation, but dramatically increases the first year write-off.

Second, increased small business expense – The new law increases the annual expense limit from $25,000 to $100,000.

Interested in Learning More? Download an example of how these Acts could benefit your business.