Bonus Depreciation 2024 Rules. You can deduct the $300,000 on your corporation’s 2024 federal income tax return. 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.

For vehicles under 6,000 pounds in the tax year 2023, section 179 allows for a maximum deduction of $12,200 and bonus depreciation allows for a maximum of $8,000, for a. 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.