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LRO outlines HR 1 business provisions: 100% expensing restored, qualified production property and international tax changes
Summary
Legislative Revenue Office staff told lawmakers HR 1 restores 100% bonus depreciation (expensing), expands expensing for some production property, raises section 179 limits and alters international provisions (GILTI/FDII), with implications for business cash flow and state revenue timing.
John Hart of the Legislative Revenue Office told the House Committee on Revenue that HR 1 makes several business-oriented tax changes that will affect the timing of deductions and, by extension, Oregon revenue in the short run.
Hart explained depreciation basics under MACRS and said HR 1 restored 100% bonus depreciation (expensing) for a broad range of property; "100% bonus depreciation is called expensing, because the full depreciable value is treated as an expense in a single year," he said. He illustrated how expensing shifts tax benefits toward the first year of an asset’s life, improving…
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