Tax Credits & Depreciation Rules Expired
Several tax credits expired on December 31, 2021.
• Credit for certain nonbusiness energy property
• Credit for qualified fuel cell motor vehicles
• Credit for alternative fuel vehicle refueling property
• Credit for two-wheeled plug-in electric vehicles
• Second-generation biofuel producer credit
• Credit for production of Indian coal
• Indian employment credit
• Credit for construction of new energy-efficient homes
• Excise tax credits and outlay payments for alternative fuel
• Excise tax credits for alternative fuel mixtures
Depreciation Rules Expiring
Certain depreciation rules also expired December 31, 2021.
• Three-year recovery period for racehorses 2 years old or younger
• Accelerated depreciation for business property on an Indian reservation (most of the state of Oklahoma was included in this definition)
Please contact Stanfield + O’Dell if you have any questions on these new laws.