How Much Is Bonus Depreciation In 2024 Lok. You can deduct the $300,000 on your corporation’s 2024 federal income tax return. It allows businesses to deduct a significant portion of a purchased asset’s cost in the year.

The bill delays the beginning of the phaseout of 100% bonus depreciation from 2023 to 2026. Under the new proposed rules, if a taxpayer itself manufactures, constructs, or produces property for use in its trade or business or for its production of income, the additional first.