Will we have Bonus Depreciation in 2012?

Yet another incentive set to expire at the end of 2011 is 100 percent bonus depreciation. Projects are eligible for that form of accelerated depreciation if they are placed in service by December 31. It is unclear whether the provision will be extended, but Gimigliano said the possibility remains, pointing to President Obama's call to extend the provision as well as Republicans' belief that bonus depreciation is "the holy grail" of tax incentives.

Nonetheless, accelerated depreciation in general could be eliminated under comprehensive tax reform, and it remains uncertain how effective bonus depreciation has been in encouraging growth, he said.