* Section 179 and Bonus Depreciation
11/9/2023

SECTION 179 LIMITS


The following summarizes the historical annual maximum allowable Code Sec. 179 deduction (i.e., dollar limit):

Maximum expense deduction for tax years beginning in:

 

2023    - $1,160,000


2022   -  $1,080,000
 


   


BONUS DEPRECIATION


Code Sec. 168(k) provides a first-year bonus depreciation deduction for qualifying property.

A 100% rate applies to property acquired after 9/27/17 and before 1/1/23

A 80% rate applies to property acquired in 2023

A 60% rate applies to property acquired in 2024



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