Bonus Depreciation Bill 2024. This proposed legislation, known as the tax relief for american families and workers act of 2024, seeks to bolster the child tax credit (ctc) while reinstating certain business tax. The title extends the allowance for depreciation, amortization, or depletion in determining the limitation of the business interest deduction.
The bill includes 100% bonus depreciation, allows for immediate research and development expensing and expands the child tax credit. Bonus depreciation is a tax incentive that allows businesses to immediately deduct a significant portion of the purchase price of eligible assets, such as machinery, instead of.