Linda Paulita

Bonus Depreciation 2024 Vehicles Over 2024. The special depreciation allowance is 80% for certain qualified property acquired after september 27, 2017, and placed in service after december 31, 2022, and before january 1, 2024 (other. However, these autos are eligible for 60% bonus depreciation through the end.

Bonus depreciation is a tax incentive that allows businesses to immediately deduct a significant portion of the purchase price of eligible assets, such as machinery, instead of writing them off. In 2024, the bonus depreciation rate will drop to 60%, falling by 20% per year thereafter until it is completely phased.