2024 Bonus Depreciation Bill Format. In 2024, bonus depreciation continues to be a valuable tool for businesses looking to invest in new or used property, offering a deduction of a certain percentage of the asset’s cost. New bipartisan legislation, the tax relief for american families and workers act of 2024, includes 100% bonus depreciation as well as research and development.

The “tax relief for american families and workers act of 2024” heralds a new chapter in u.s. With the current tax law, if you purchased an aircraft in 2023 (new or used), you would be eligible to deduct 80% of the purchase price of the aircraft in 2023 using bonus depreciation with the remaining 20% of.