Bonus Depreciation 2024 Limit Meaning. A business can combine multiple expenses to reach that total, but. For 2023, businesses can take advantage of 80% bonus depreciation.

Currently, bonus depreciation for the 2023 tax year is set at 80% and it fell to 60% for the 2024 tax year unless congress moves ahead with an updated tax plan. Allows 100% bonus depreciation for qualified property placed in service between 9/28/2017 and 12/31/2022.