Tax-update changelog
What changed in the law, what changed in the software, and when.
One entry per change, newest first. Each entry names the authority, the effective date, the effect on depreciation, and the software release that applied it. Entries are reviewed by a CPA before publication.
| Effective | Authority | Change | In the software |
|---|---|---|---|
| 2025-01-19 (acquisitions after) | Public Law 119-21, section 70301, amending IRC 168(k) | 100% bonus depreciation restored and made permanent for qualifying property acquired after 19 January 2025. Property acquired earlier keeps the phase-down rate for the year placed in service (60% in 2024, 40% in 2025). | Bonus rate is chosen from the acquisition date on the asset; the placed-in-service date alone no longer decides it. Applied in the 2025 tax-table update. Existing 2025 additions were recalculated on update; the change appears on each affected asset's audit trail. |
| 2025-01-01 (tax years beginning after 2024-12-31) | Public Law 119-21, section 70306, amending IRC 179 | Section 179 dollar limit raised to $2,500,000 and the phase-out threshold to $4,000,000, indexed for inflation in later years. | 2025 limits loaded; the phase-out test across the entity's additions uses the new threshold. Applied in the 2025 tax-table update. |
| 2025-01-19 (construction beginning after) | Public Law 119-21, section 70307, new IRC 168(n) | Qualified production property: an election to expense 100% of the cost of certain nonresidential real property used in manufacturing, production or refining, where construction begins after 19 January 2025 and before 1 January 2029 and the property is placed in service before 1 January 2031. | A qualified-production-property election flag on 39-year property, with the placed-in-service window validated. Applied in the 2025 tax-table update; consult your preparer on eligibility. |
| 2025-01-01 | Rev. Proc. 2024-40 (inflation adjustments) | Pre-act Section 179 limit of $1,250,000 and threshold of $3,130,000 for 2025, superseded by the act for tax years beginning after 2024. | Retained for short tax years beginning in 2024; otherwise superseded. |
| 2024-01-01 | IRC 168(k)(6) phase-down, as enacted 2017 | Bonus depreciation at 60% for property placed in service in 2024. | Applied in the 2024 tax-table update. |
| State conformity | Each state's revenue code | States that decouple from federal bonus depreciation, and states with their own Section 179 limits, continue to differ after the 2025 act. Conformity status is maintained per state. | The state book's conformity table is updated as states enact responses to the 2025 act; each state change is listed here with its own date as it is applied. |
Luxury automobile limits, ADS lives and other annual revenue-procedure figures are updated each year and listed here with the revenue procedure number once published. Entries above describe federal law; they are not advice for a particular taxpayer.
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