(a) Section 280F of the Internal Revenue Code, relating to limitations on depreciation for luxury automobiles and certain property used for personal purposes, shall apply, except as otherwise provided. (b) Except as provided in subdivision (c), Section 280F of the Internal Revenue Code shall be modified as follows: (1) The terms âdeductionâ or ârecovery deduction,â relating to amounts allowable as a deduction under Section 168 of the Internal Revenue Code, mean the amount allowable as a deduction for depreciation under this part. (2) The term ârecovery period,â relating to property under Section 168 of the Internal Revenue Code, means the class life asset depreciation range allowable under this part. (3) The provisions of Section 280F of the Internal Revenue Code which relate to the investment tax credit shall not be applicable for purposes of this part. (c) Paragraphs (1) and (2) of subdivision (b) shall not apply to Section 24356.7 property. (d) The amendments made by Section 13202(a) of the Tax Cuts and Jobs Act, 2017 (Public Law 115-97) to Section 280F of the Internal Revenue Code, relating to limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes, shall not apply.
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