First Year Bonus Depreciation | Tax Cuts and Jobs Act 2017 | Income Tax Course | CPA Exam Regulation

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Congress uses the tax system to stimulate the economy—especially in challenging economic times. An example is additional first-year depreciation (also referred to as bonus depreciation). In a significant expansion of this provision, the TCJA of 2017 allows taxpayers to deduct 100 percent cost recovery in the year qualified property is placed in service.16 The term qualified property includes most depreciable assets other than build-ings with a recovery period of 20 years or less.17 For property placed in service after September 27, 2017, bonus depreciation applies to both new and used property (prior law restricted bonus depreciation to new property).

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