IRS Notice 2026-11 clarifies that qualifying property placed in service after Jan. 19, 2025, can now receive 100% bonus depreciation in the first year, replacing the previous 40% cap. This applies mainly to shorter-lived property like equipment and fixtures, not the building itself. The notice details rules for acquisition and construction timing, enabling property owners to maximize deductions and improve cash flow through strategic planning and component elections on phased projects.