SECTION 1. PURPOSE

This notice provides guidance with respect to the 50-percent additional first year depreciation deduction provided by § 1400N(d) of the Internal Revenue Code (GO Zone additional first year depreciation deduction) for specified Gulf Opportunity Zone extension property (GO Zone extension property). This notice also provides additional guidance with respect to the original use requirement described in § 1400N(d)(2)(A)(iii) for qualified Gulf Opportunity Zone property (GO Zone property), including GO Zone extension property.