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Overview of the Job Creation and Worker Assistance Act of 2002

Overview of the Job Creation and Worker Assistance Act of 2002. Timothy D. Bachicha, CPA Extension Farm Management Specialist Colorado State University Cooperative Extension Telephone (719)852-2871 email: slvfrma@coop.colostate.edu. March 9, 2002. March 1, 2002 New Provisions

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Overview of the Job Creation and Worker Assistance Act of 2002

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  1. Overview of the Job Creation and Worker Assistance Act of 2002 • Timothy D. Bachicha, CPA • Extension Farm Management Specialist • Colorado State University Cooperative Extension • Telephone (719)852-2871 email: slvfrma@coop.colostate.edu

  2. March 9, 2002 • March 1, 2002 • New Provisions • Also technical corrections to EGTRRA

  3. 30% Bonus Depreciation • Qualifying Property • 20 year life or less • Leasehold Improvemts • Placed in service before Jan 1, 2005 • Exceptions

  4. NOL Carryback • Loss Year 2001 or 2002 • Carryback 5 years • Elect to forego 5 year, use 2 year

  5. AMEND? • 30% Bonus Depreciation • NOL carryback • CONSULT YOUR TAX PROFESSIONAL

  6. OTHER • AMT Relief • Educators

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