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B-332721 1 (2020-12-09)

handle is hein.gao/gaobaecdl0001 and id is 1 raw text is: GA:OU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332721 December 9, 2020 The Honorable Chuck Grassley Chairman The Honorable Ron Wyden Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Ranking Member Committee on Ways and Means 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-BP32). We received the rule on November 10, 2020. It was published in the Federal Register as final regulations on November 10, 2020. 85 Fed. Reg. 71734. The stated effective date of the rule is January 11, 2021. The final rule provides guidance regarding the additional first year depreciation deduction under section 168(k) of the Internal Revenue Code. IRS stated that the rule reflects and further clarifies the increased deduction and the expansion of qualified property, particularly to certain classes of used property, authorized by the Tax Cuts and Jobs Act. Pub. L. No. 115-97, 131 Stat. 2054 (Dec. 22, 2017). IRS further stated that the rule generally affects taxpayers who depreciate 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). This final rule was published on November 10, 2020. 85 Fed. Reg. 71734. The Senate received the rule on November 16, 2020. 166 Cong. Rec. 7137 (daily ed. Dec. 1, 2020). To date, the Congressional Record does not reflect the date of receipt by the House of Representatives. The rule has a stated effective date of January 11, 2021. Therefore the rule does not have the required 60-day delay in its effective date. Enclosed is our assessment of IRS's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the

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