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Understanding the 2017 Tax Cuts and Jobs Act Changes to Bonus Depreciation and First-Year Expensing

Bonus depreciation has been available in various forms and percentages (ranging from 30% to 100%) for most years since 2002, and the passage of the Tax Cuts and Jobs Act in 2017 introduced significant changes to the calculations and the qualifying assets.

While these changes benefit most industries, some industries were negatively impacted by what is widely regarded as a drafting error under which some retailers and restaurant owners face new limitations on the types of property that are eligible for enhanced deductions.

Bloomberg Tax experts explore all the nuances of the changes and ramifications, including insights on:

  • Full expensing
  • Used property
  • First-year expensing
  • Impact on state taxes

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