Following the passage of H.R. 2970 by Congress, President Bush has signed into law the measure known as the “American Security Enhancement Act of 2001” . The law is said to include tax incentives for purchases of security equipment. Congressman Jerry Weller (R-Ill.) used the centerpiece of HR 2970 to craft the language of the recently passed “Job Creation and Worker Assistance Act of 2002” . The measures reportedly offer a 30-percent tax deduction for depreciation on certain investments made following the Sept. 11 attacks and before Sept. 10, 2004. The intended investments include security and life safety equipment.
President Bush said at the bill-signing ceremony, “This measure will mean more job opportunities for workers in every part of our country, especially in manufacturing.” Notably, the bill received convincing bipartisan support with the House and Senate approving the measure with 417-3 and 85-9 voting margins respectively. The entire text of the law can be found at: http://www.house.gov/jct/x-12-02.pdf. Please contact your attorney or tax professional for more specific information about how this legislation may affect your business.
