Bonus Depreciation Limits 2024. $20,400 (with bonus depreciation) or $12,400 (without bonus depreciation) year 2: 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 year depreciation deduction is allowed if the taxpayer begins manufacturing, constructing or producing the property after september 27, 2017, assuming all the oth.
For 2023, businesses can take advantage of 80% bonus depreciation. Bonus depreciation is a significant tax incentive that allows businesses to immediately deduct a substantial portion of the purchase price of eligible assets rather than capitalizing and depreciating them over time.