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CORRECTIONS TO 1996 TAX ACTS TABLES
Exhibits 1 and 2 in the article "1996 Tax Law Changes" in the December issue of The CPA Jounal presented in chart form the amounts of IRC section 179 depreciation deductions and the percentage deduction for health insurance for individuals as enacted by the 1996 tax legislation. The amounts in the charts were incorrect, representing those from earlier versions of the legislation. The correct amounts are as follows:
Section 179 Depreciation. The legislation increases the allowable IRC section 179 depreciation deduction to the following amounts:
Allowable Taxable Year Amounts
1996 $17,500
1997 18,000
1998 18,500
1999 19,000
2000 20,000
2001 24,000
2002 24,000
2003 or thereafter 25,000
Deductions for Health Insurance Expenses of Self-Employed Individuals. The new legislation will increase the deduction based on the following schedule:
Tax Year Percentage
1997 40%
1998 through 2002 45
2003 50
2004 60
2005 70
2006 and thereafter 80
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