100% Bonus Depreciation Extension Proposed
House Ways and Means Committee proposes tax reform and tax cut legislations on Friday that include provisions to retroactively extend 100% bonus depreciation for 2023 business aircraft acquisitions. The proposed legislation will also increase Section 179 Expensing to $2.5M from $1M currently.
There is a long way to go before these legislations will be passed. However, 100% bonus depreciation and Section 179 Expensing have enjoyed bipartisan support historically and with the uncertainties faced by the economy and election year coming up in 2024, Congress may work together to get these much needed and popular tax provisions passed in 2023.
This will ‘formally’ extend 100% bonus depreciation for business aircraft in 2023 and the intent is for 100% bonus depreciation to apply to aircraft already purchased since January 1, 2023.
See LinkedIn post here.
