Masonry Magazine August 1998 Page. 22
Tax Relief or Headaches?
Continued from page 12
Reform Act of 1984. Some changes may be passed prior to this fall's elections, according to some experts.
A good illustration of the newly-discovered glitches is provided by the provision that allows businesses to deduct the cost of computer equipment donated to elementary and secondary schools. According to the description accompanying the conference report, the process sunsets-or disappears after three years.
Specifically, the report says "the provision is effective for contributions made in taxable years beginning after 1997 and before January 1, 2001." The problem is that the provision sunsets after two years. In reality, the actual amendment to the law says "the provision shall not apply to any contributions made during any taxable year beginning after December 31, 1999".
Some of the problems already discovered will have little impact, others may dramatically alter the legislation or at least its stated intent. Reportedly, the Joint Committee on Taxation has begun a list of technical corrections. These corrections will then be attached to the next tax bill.
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Despite all of the hoopla surrounding the passage of this legislation, despite the promises that no one will have to pay more in taxes and despite page after page of mind-boggling detail and technicalities, it appears that only the lawyers and accountants will benefit immediately.
It may take a while longer for any benefits to surface that the average masonry contractor can take advantage of. Maybe it is a good thing that no one will pay more in taxes. Or, did our lawmakers exaggerate here too?
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22 MASONRY-JULY/AUGUST, 1998