2024 Bonus Depreciation
2024 Bonus Depreciation. Allows 50% bonus depreciation for qualified disaster area property generally placed in service after 12/31/07 for disasters declared after 12/31/07 and occurring. The bonus depreciation rates are set for a significant shift as we transition from 2023 to 2024, a change that businesses need to prepare for in advance.
The senate rejected the tax relief for american families and workers act of 2024, which was intended to expand the child tax credit and restore tax breaks under. The bonus depreciation rate was reduced to 80% for property placed in service in 2023, and is set to be reduced to 60% in 2024, 40% in 2025, 20% in 2026,.