A July 4, 2025 law lets you amend your 2022, 2023, and 2024 returns to claim a full tax credit at once instead of spreading it over five years. You get the entire amount as a direct deposit immediately. There's a deadline to file.
Chapters
You're effectively doing, I don't know if this is the proper technical term, but an amend or an amendment, and then look back and say, oh, I spent this money. And that again, it literally became a direct deposit into my bank account with additional tax credits that continued for that entire depreciation period. Now here's what is really exciting. Tell 'em what the exciting thing is, but there's a deadline.
Yeah, so the exciting thing is, is for '22, '23, and '24, you had to do exactly what Mike's describing, where you had to amortize and stretch the credit over a 5-year period. So you got the savings, but it took you 5 years to fully capture them. But with the big beautiful bill that was passed on July 4th, 2025, it allows us to go backwards to '22, '23, and '24, amend the tax returns, and you can take the full credit all at once in each of those given years.