Most companies have all their assets in one state. In those cases, we always recommend that you assign a description of the two character abbreviation for the state or the full name of the state if it will fit in the allowed description area.
However, if you have a client that has assets in multiple states, then the most recent update to Asset Keeper Pro may make the process of calculating state depreciation a little bit easier.
By using one of the following two descriptions, AKPRO will be able to identify this method when you print your State Add-Back Report.
First, you would create a STATE method, which by default, does not allow for bonus depreciation. Then you would enter one of the following descriptions that applies to all the states listed.
STATE25K - (no bonus depreciation and section 179 limited to $ 25,000) - AR, CA, DC, GA, HI, IN, KY, MD, NH, NJ, and VA.
STATE500K - (no bonus depreciation and section 179 conforms to Federal) - ID, IA, ME, MA, MS, NY, RI, SC, VT, and WI.
On the State Add-Back Report's configuration screen, if you selected AR (for example) as the state rules you want to apply, the state method of assigned the description STATE25K would be automatically selected for you.
We have also compiled a handy reference guide showing the bonus depreciation and Section 179 conformity for all 50 states. You can find this here.