The rehabilitation tax credit may be combined with the bonus depreciation provisions of economic recovery legislation enacted between 2002 and 2005, according to final regulations published by the Internal Revenue Service in the August 31 Federal Register. The IRS issued temporary regulations in September 2003 to implement legislation enacted in 2002 and 2003 to provide 30 percent or 50 percent bonus first-year depreciation for certain property, including qualified leasehold improvements on nonresidential real estate, and 30 percent bonus depreciation on New York Liberty Zone property, including qualified leasehold improvements, residential rental property, and nonresidential real estate.
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