Yes! The 2017 Tax Cuts and Jobs Act significantly impacted depreciation for personal property and land improvements. Property acquired after September 27, 2017 that has undergone a qualified cost segregation study can qualify for 100% bonus depreciation. This means that personal property and land improvements can be fully depreciated and included as a tax deduction the year that the property is purchased. This results in a significant cost savings for the property owner during the first year of property ownership. However, bonus depreciation is only available through 2022, at which time it will begin to decrease in 20% increments.
The 2017 Tax Cuts and Jobs Act also expanded the definition of property that can be depreciated under the bonus depreciation rules to include used property that has not previously been operated by the new owner and is not acquired from a related party. Therefore, property that is newly acquired but was previously owned or constructed is still entitled to bonus depreciation if a proper cost segregation study is performed.