For the latest information about developments related to Form 4562 and its instructions such as legislation enacted after this form and instructions were published, go to www.irs.gov/form4562.
For tax years beginning in 2012, the maximum section 179 expense deduction is $500,000 ($535,000 for enterprise zone property). This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2 million. See the instructions for Part I for more information.
For fiscal years ending after December 31, 2012, you may be able to take a 50% special depreciation allowance for qualified second generation biofuel plant property placed in service after January 2, 2013, and before January 1, 2014. See the instructions for line 14.
For fiscal years ending after December 31, 2012, a corporation can elect to claim pre-2006 unused minimum tax credits in lieu of the special depreciation allowance for round 3 extension property. See the instructions for line 14.
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