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New rules and limitations for depreciation and expensing ...

New rules and limitations for depreciation and expensing ... 2026

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The document is a tax form (NYC-399Z) used for reporting depreciation adjustments for certain properties in New York City, particularly focusing on post-9/11 property and sport utility vehicles (SUVs). It outlines the necessary schedules (A1, A2, B, and C) for calculating allowable NYC depreciation deductions, adjustments between federal and NYC deductions, and specific provisions related to qualified properties. The form also includes instructions for corporations and unincorporated businesses regarding eligibility and computation methods.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the calendar or fiscal year at the top of the form. This sets the context for your depreciation calculations.
In Schedule A1, provide a description of each property in Column A, followed by its class type in Column B. Ensure accuracy as this affects your deductions.
For each property, enter the date placed in service (mm-dd-yy) in Column C, and then input the cost or other basis in Column D.
Fill out Columns E through I with accumulated NYC depreciation taken, federal depreciation, method of figuring NYC depreciation, and allowable NYC depreciation respectively.
If applicable, complete Schedule A2 for sport utility vehicles using similar steps as above but focusing on specific SUV-related fields.
Finally, review all entries for accuracy before saving or exporting your completed form directly from our platform.

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What are the changes in Section 179 in the Big Beautiful Bill?

How Did the One Big Beautiful Bill Act Change Section 179 Expensing? Section 179 also got a boost with the passage of the OBBBA. The OBBBA raised both the Section 179 expensing limit and its phase-out threshold. This means that in 2025, taxpayers can immediately deduct 100% of up to $2.5 million in property purchases.

What are the new Section 179 rules?

The bill makes Section 179 expensing permanent and doubles the maximum deduction to $2.5 million with a phase-out threshold of $4 million in equipment purchases. The increased limits apply to property placed in service in taxable years beginning after December 31, 2024.

What are the new depreciation rules for 2025?

The One Big Beautiful Bill Act, signed into law on July 4, 2025, permanently restores 100% bonus depreciation and docHubly expands Section 179 expensing.

What are the new depreciation rules?

The OBBBA permanently sets bonus depreciation at 100% for qualified property acquired after January 19, 2025. This means that businesses can now confidently expense the full cost of eligible assets in the year they are placed in service.

What is the Section 179 deduction for 2025?

Businesses have used Section 179 to purchase needed equipment right now, instead of waiting. For most small businesses, the entire cost of qualifying equipment can be written-off on the 2025 tax return (up to $1,250,000).

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