Using Cost Segregation to Claw Back Taxes w/ Corona Stimulus Bill

[Michael Ablan]

Hey guys,

If I'm reading this correctly, within the weeds of this massive stimulus bill was a pretty interesting tax loophole.....

"Businesses with losses can carry back net operating losses (NOLs) to prior taxable years and get refunds of earlier taxes paid."

https://www.nar.realtor/political-advocacy/coronavirus-aid-relief-and-economic-security-act

To me, this means that if I were to do a cost segregation study and use 100% bonus depreciation on one of my properties, I could use that massive writeoff to go BACK in time and wipe out the last two years of taxable income that I reported. This seems very advantageous to me because it would allow me to claw back cash paid to taxes in previous years, where I was in the mindset of "show as much profit as I can, so I can continue to get loans and grow my businesses."   Now I've grown my businesses, gotten those loans, expanded my portfolio, but can now LEGALLY go back in time and get all that money back and inject that cash into my future growth plays. 

Am I understanding this correctly?  Is there any reason I shouldn't do this??