The Tax Cuts and Jobs Act was signed into law by President Trump on December 22, 2017. The significant provisions that affect 2017 provides for 100% additional first year depreciation for property acquired after September 27, 2017 and the property can be new or used. The used property must have not been placed in service by the taxpayer previously.
For the first year after September 27, 2017 and property placed in service after September 27, 2017, the taxpayer can elect 50% or 100% additional first year depreciation. For subsequent years through December 31, 2022, only 100% additional first year depreciation can be elected.
Additional first year depreciation phase down begins after December 31, 2022 at 80% for 2023, 60% for 2024, 40% for 2025, 20% for 2026, and full repeal after 2026.