The Treasury Department and the IRS issued interim guidance on Wednesday, Jan. 14, on the permanent 100% additional first-year depreciation deduction for eligible depreciable property acquired and placed in service after Jan. 19, 2025, provided by the One Big Beautiful Bill Act.
Notice 2026-11 provides rules for determining whether depreciable property is eligible for the additional first-year depreciation deduction under Section 168(k) of the tax code and for determining the amount of such deduction allowable under the OBBBA.
Notice 2026-11 also provides guidance on certain qualified sound recording productions that the OBBBA added as property that could be eligible for the additional first-year depreciation deduction. Read more.