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NEWS ALERT: American Taxpayer Relief Act 

On January 2, President Obama signed the American Taxpayer Relief Act (H.R. 8) to temporarily avert the "fiscal cliff." Section 331 of the new law extends 50 percent bonus depreciation through 2013. It also increases Sec. 179 expensing levels to $500,000 with a $2 million phase-out for 2012 and 2013. 

Additionally, the new law allows companies the option to accelerate AMT credits in lieu of the depreciation bonus and to permit businesses using PCM (percentage of completion method of accounting) to benefit from the capital investment incentive.