May 24, 2002—An accelerated depreciation provision for capital goods purchases as well as a 13-week extension of unemployment benefits for workers have been approved by the US Congress and signed by the President, according to a report from the Business and Institutional Furniture Manufacturer’s Association (BIFMA).
“By making it more economical for businesses to invest in furniture, vehicles, and other capital goods, we can get businesses spending again and get people back to work,” Congressman Pete Hoekstra commented.
Under the Job Creation and Worker Assistance Act of 2002, businesses will be able to write-off 30 percent of the value of new purchases in the first year for certain investments made after September 10, 2001, and before September 11, 2004. This provision will save a business $140,000 on a $1 million purchase of office furniture, according to previous industry analysis.
