What is a Placed-in-service date?
A placed-in-service date is the specific date when business property becomes ready and available for its intended function, triggering the start of depreciation deductions. For qualified production property under the One Big Beautiful Bill Act, facilities must be placed in service before January 1, 2033, to qualify for 100% immediate depreciation. This date determines the tax year in which deductions can be claimed and affects eligibility for Depreciation and amortization benefits, including bonus depreciation and Section 179 expensing.
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