Bonus Depreciation 2024 Percentage List. In 2024, the bonus depreciation rate will drop to 60%, falling by 20% per year thereafter. The section 179 deduction and bonus depreciation provide additional deductions to income in year a vehicle is placed in service thereby reducing a company's tax liability.
Businesses should adapt systems, consider section 179, and review state rules. Bonus depreciation is a tax break that allows businesses to immediately deduct a large percentage of the purchase price of eligible assets.
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