IRS Publishes Notice Providing Interim Guidance on Special Depreciation Allowance for Qualified Production Property

The IRS has published a notice providing interim guidance on the special depreciation allowance for qualified production property under I.R.C. §168(n), as added by the One Big Beautiful Bill Act. The notice provides that taxpayers may claim a 100 percent special depreciation allowance for qualified production property placed in service after July 4, 2025, and before Jan. 1, 2031. Qualified production property includes nonresidential real property used as an integral part of manufacturing, production, or refining activities that result in substantial transformation of property, with construction beginning after Jan. 19, 2025, and before Jan. 1, 2029. The notice establishes definitions ...