2024 Bonus Depreciation Rules. Full bonus depreciation is phased down by 20% each year for property placed in service after dec. Bonus depreciation allows businesses to reduce their taxable income by writing off a significant portion of the cost of eligible assets in their first year.
Thanks to the tax cuts and jobs act of 2017 (tcja), a business can. Starting in 2023, this benefit has decreased to 80% and will drop as follows over the next several years: