Bonus Depreciation 2024 Equipment Tax . In 2024, the bonus depreciation rate will drop to 60%, falling by 20% per year thereafter until it is completely phased out in 2027. Bonus depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets, such as machinery, rather than write them.
179 deduction for tax years beginning in 2024 is $1.22 million. Bonus depreciation is currently sunsetting.
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