The Tax Reform Act of 1986 in the United States of America requires the Modified Accelerated Cost Recovery System (MACRS) depreciation method for depreciating assets. The method provides for accelerated depreciation of assets by allowing higher depreciation charge in the initial years as compared to the later years. This would allow companies to charge higher depreciation to their income statement thereby reducing the taxable income and consequently taxes. This would leave the corporations with higher cash in their hands. The method was introduced to stimulate the capital spending by allowing for faster depreciation on capital assets.

The MACRS has divided all assets into classes and specified the number of years over which an assets cost will be recovered. It has also specified the depreciation rates for each of the years under different classes along with the number of years.

One of the unique features of MACRS is the introduction of ‘half-year’ convention. This meant that the depreciation rate specified for any asset class for any period for the first year is a little lower considering that the asset may be purchased during any time of the year. This means that half-year depreciation is allowed in the first and last recovery years.

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