How Much Is Bonus Depreciation In 2024
How Much Is Bonus Depreciation In 2024. Bonus depreciation ramped down to 80% in 2023, and will be reduced to 60% for 2024. The allowable percentage is set to decrease in 20% increments every year through 2027, meaning bonus depreciation is set at 60% for 2024, 40% for 2025, and 20% for 2026 until the current.
It allows a business to write off more of the cost of an asset in the year the company starts using it. It begins to be phased out if 2024 qualified asset additions.