Just before the extended filing deadline for 2019 partnerships and S corporations the IRS has finalized the proposed regulations issued in August of 2018 for bonus depreciation (TD 9874)[1].  Proposed regulations to implement the changes to bonus depreciation made by the Tax Cuts and Jobs Act have were originally released by the IRS in REG-104397-18. 

At the same time the IRS issued more proposed regulations related to bonus depreciation (REG-106808-19)[2] that propose rules for property not eligible for bonus depreciation, a de minimis use  rule for previously used property and rules related to components of larger property.

One provision found in the proposed regulations will be of special interest to organizations with floor plan interest and revenue of more than $25 million without an excess amount of interest (including floor plan interest). In that case, taxpayers may have claims for refund if they failed to claim bonus depreciation in certain cases.