The U.S. Treasury Department and IRS today released for publication in the Federal Register final regulations (T.D. 9874) and proposed regulations (REG-106808-19) under section 168(k) relating to the 100% additional first-year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
The final regulations [PDF 486 KB] (43 pages as published in the Federal Register) and related proposed regulations [PDF 398 KB] (20 pages as published in the Federal Register) provide guidance concerning changes made by 2017 U.S. tax law (Pub. L. No. 115-97, or the law that is often referred to as the “Tax Cuts and Jobs Act” (TCJA)). The regulations are scheduled to be published in the Federal Register on September 24, 2019.
These regulations will be described in greater detail in a future report from KPMG LLP.
The IRS and Treasury released advance versions of these final and proposed regulations on September 13, 2019. Those versions of the regulations were posted on the IRS website and included the following statement:
This document has been submitted to the Office of the Federal Register (OFR) for publication. The version of the final rule [or proposed rule] released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.
These KPMG documents are intended to show what changes, if any, have been made to the final or proposed regulations before being released for publication in the Federal Register. These documents have not been reviewed for accuracy.
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