Image via “Americans for Tax Reform.”
One of the many recent governmental changes that affects business taxes is a change in bonus depreciation passed by Congress in December 2017. The new changes increase the bonus depreciation percentage from 50% to 100% for qualified assets purchased and put into service after September 27, 2017, and before January 1, 2023.
The bonus depreciation decreases in 2023 to 80%, 60% in 2024, 40% in 2025, 20% in 2026, and will not be available in 2027.
Contact us for more information or to discuss if you have assets that qualify for bonus depreciation.