The IRS today released an advance version of Rev. Proc. 2017-33 providing guidance under the Protecting Americans for Tax Hikes Act of 2015 (PATH Act) regarding amendments to expensing section 179 property, the additional first year depreciation deduction under section 168(k), and the qualified Indian reservation property depreciation provision under section 168(j).
Read Rev. Proc. 2017-33 [PDF 78 KB]
This revenue procedure does not reflect any proposed technical corrections to the PATH Act, and does not provide guidance relating to the extension and modification of the election under section 168(k)(4) to increase the alternative minimum tax (AMT) credit limitation in lieu of the additional first year depreciation deduction. Treasury and the IRS anticipate issuing guidance regarding the extension and modification of the election under section 168(k)(4) in a separate revenue procedure.
Sections 124(c)(2), (d), and (e) of the PATH Act amended section 179 of the Internal Revenue Code by:
Section 143(b) of the PATH Act amended Code section 168(k) by:
Section 167(b) of the PATH Act amended Code section 168(j) by adding new section 168(j)(8), which allows a taxpayer to elect not to apply section 168(j) for any class of property.
Today’s revenue procedure provides guidance with respect to implementation of certain of these legislative changes.
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