Bonus Depreciation 2024 15 Year Property. Bonus depreciation is a tax incentive that allows businesses to immediately deduct a significant portion of the purchase price of eligible assets, such as machinery, instead of writing them off over their useful life. Assets acquired during the bonus period (september 27, 2017, to january 1, 2023) can receive 100% depreciation deductions in the first year.

What’s new with cost seg studies in 2024? The 2024 tax year introduces specific requirements that businesses must meet to qualify for bonus depreciation, reflecting the ongoing adjustments in the tax code.