Investment Tax Credit (ITC) and Bonus Depreciations
We have a requirement for investment tax credits and also bonus depreciations for same category.
For ITC, we have gone through the note - Is Investment Tax Credit (ITC) functionality available in Fusion Assets? (Doc ID 2437290.1).
The above document says that ITC functionality is not available on Oracle Cloud.
But the we found in R19 release notes - Oracle Financials Cloud 19B What's New - INVESTMENT ALLOWANCE DEDUCTIONS AS BONUS DEPRECIATION.
Query - Is the above R19B note bringing in ITC functionality in cloud?
Based on this note above, we have configured a bonus rule to reduce the depreciable basis of the asset in the first year by X%. But we wanted to also have a bonus depreciation to increase the annual depreciation expense along with the reduction of depreciable basis.