Under current law, bonus depreciation is limited to 80% of the cost of eligible property placed into service in 2023. As of the date of this publication, there is pending legislation (The Tax Relief for American Families and Workers Act of 2024) which includes a provision that would retroactively change…
On Wednesday (January 31, 2024), the U.S. House of Representatives passed HR 7024 – The Tax Relief for American Families and Workers Act of 2024. This $78 billion tax package passed in the House with an 83% approval rate and now makes its way to the Senate. Highlights of HR…
Since the 2017 Tax Cuts and Jobs Act, businesses have been allowed to write-off 100% of the cost of eligible property in the year the property is placed into service by using bonus depreciation. To qualify for bonus depreciation, the property placed into service must have a useful life of…
