The Tax Cuts and Jobs Act (TCJA) increased the bonus depreciation deduction for qualified property, now including used property, from the previous 50% to 100% of the cost of the eligible property placed in service in a tax year that included Sept. 28, 2017. This provision begins phasing out after 2022.
The proposed regulations REG-104397-18 implementing this provision were not published until August 2018 after many taxpayers eligible for the additional depreciation had already filed their 2017 returns. Rev. Proc. 2019-33 clarifies that taxpayers can file amended returns to make a late election or file a Form 3115, Application for Change in Accounting Method, for the years the additional deduction was not claimed.