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REAL ESTATE TAXES 1137 Tax Lawyer, Vol. 56, No. 4 REAL ESTATE TAXES SUBMITTED BY THE COMMITTEE ON REAL ESTATE TAXES: MICHAEL J. GRACE, COMMITTEE CHAIR; PENNY S. INDICTOR, SUBCOMMITTEE CHAIR ON IMPORTANT DEVELOPMENTS* Legislation The Job Creation and Worker Assistance Act of 2002, Pub. L. No. 107-147, 116 Stat. 21 (the “Act”), was passed on March 9, 2002. The Act allows taxpayeer to claim an additional first-year depreciation deduction, in the taxable year of the property “in service” date, equal...

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