The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for non-residential real estate that’s classified as qualified production property (QPP). This new break is different from the first-year bonus depreciation that’s available for assets such as tangible property with a recovery period of 20 years or less and qualified improvement property with a 15-year recovery period. Normally, non-residential buildings must be depreciated over 39 years. What is QPP? The statutory definition of QPP is a bit complicated: QPP is the portion of any non-residential real estate that’s used by the taxpayer (your business) as an integral part of a qualified production activity. A qualified production activity is the manufacturing, production or refining of a qualified product. A qualified product is any tangible personal property that isn’t a food...