Bonus Depreciation 2024 And 2024. House of representatives passed hr 7024, the tax relief for american families and workers act of 2024, on wednesday, january 31, 2024. Using bonus depreciation, you can deduct a certain percentage of the cost of an asset in the first year it was purchased, and the remaining cost can be deducted over several years using regular depreciation or section 179 expensing.
The bill delays the beginning of the phaseout of 100% bonus depreciation from 2023 to 2026. The bill includes 100% bonus depreciation, allows for immediate research and development expensing and expands the child tax credit.
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