OIRA Receives Proposed and Final Regulations under Section 168(k)

On July 25, 2019, the Department of Treasury and the Internal Revenue Service submitted final and proposed regulations under section 168(k) to OIRA (the Office of Information and Regulatory Affairs), which is part of the OMB (Office of Management and Budget). Amended by the Tax Cuts and Jobs Act, section 168(k) generally allows full expensing of certain depreciable property. The regulations are listed as not economically significant on OIRA’s website, and thus OIRA has a period of 45 days to review the regulations, although this period may be extended by an agreement between OMB and the Department of Treasury.

Read More: Final, Proposed Depreciation Regs Advance in Reg Review Process

OIRA Dashboard: Regulations Pending Review

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