In a significant breakthrough, the US House has passed a bill making so-called bonus depreciation permanent and extending its coverage to stores that are owned as well as those that are leased. By a 258 – 160 vote last week, the House sent the measure to Senate, where it has enjoyed wider support and stands a good chance to pass. “Bonus depreciation” was first implemented as part of an economic stimulus bill back in 2001 and has been authorized in various versions continuously since then. “Bonus depreciation” allows for half the cost of a remodeling project and certain other improvements to be written off immediately. There is separate legislation still pending that would allow for accelerated depreciation of capital costs over a 15 year instead of 39 year schedule, one of the so-called “tax extender” bills.