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B-331445 1 (2019-10-04)

handle is hein.gao/gaobaeadb0001 and id is 1 raw text is: cIAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331445 October 4, 2019 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Additional First Year Depreciation Deduction Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Additional First Year Depreciation Deduction (RIN: 1545-B074). We received the rule on September 19, 2019. It was published in the Federal Register as final regulations on September 24, 2019. 84 Fed. Reg. 50108. The effective date of the rule is September 24, 2019. The final rule provides guidance regarding the additional first year depreciation deduction under section 168(k) of the Internal Revenue Code. The rule reflects and clarifies the increase of the benefit and expansion of the universe of qualifying property, particularly to certain classes of used property. The rule affects taxpayers who deduct depreciation for qualified property acquired and placed in service after September 27, 2017. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The 60-day delay in effective can be waived however, if the agencies find for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agencies incorporate a statement of the findings and their reasons in the rule issued. 5 U.S.C. § 808(2). IRS found good cause to issue this regulation effective upon publication in the Federal Register. IRS stated the substantive statutory provisions are already in force, and the final rule provides crucial guidance for taxpayers on how to apply those provisions, compute their tax liability, and accurately file their federal income tax returns. According to IRS, a delay would place certain taxpayers in the unusual position of having to determine whether to file tax returns during the pre-effective date period based on final regulations not yet effective. If taxpayers chose not to follow the final regulations and did

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