Tennessee · 114th Regular Session (2025-2026) · Bill

HB 477: Taxes - As introduced, allows a taxpayer to annually elect to take a bonus depreciation deduction of 40 percent of the cost of assets purchased on or after January 1, 2026, during the tax year in which the assets were purchased when calculating net earnings or net losses for excise tax purposes; allows the taxpayer to take the federal depreciation percentage if it exceeds 40 percent. - Amends TCA Title 67, Chapter 4, Part 20.

In committee Last action April 9, 2025: Placed on s/c cal Finance, Ways, and Means Subcommittee for 4/14/2025

Plain-language summary

HB 477 is a bill introduced in the Tennessee House on January 28, 2025. According to its official title, it concerns: Taxes - As introduced, allows a taxpayer to annually elect to take a bonus depreciation deduction of 40 percent of the cost of assets purchased on or after January 1, 2026, during the tax year in which the assets were purchased when calculating net earnings or net losses for excise tax purposes; allows the taxpayer to take the federal depreciation percentage if it exceeds 40 percent. - Amends TCA Title 67, Chapter 4, Part 20. Primary sponsor: Kevin Vaughan (Republican). Most recent recorded action (April 9, 2025): Placed on s/c cal Finance, Ways, and Means Subcommittee for 4/14/2025.

Sponsors

Primary sponsor: Kevin Vaughan (Republican).