Bonus Depreciation 2024 Percentage. Bonus depreciation allows a business to immediately write off 60 percent of the purchase price of qualified depreciable property, rather than taking the expense over the. Bonus depreciation is a valuable tax incentive that allows businesses to deduct a significant portion of the cost of eligible assets upfront, rather than writing them off incrementally over their useful life.
Prior to enactment of the tcja, the additional first year depreciation deduction applied only to property where the original use began with the taxpayer. Income tax expense was $89.9 in the third quarter of 2023, or.