100% Bonus Depreciation / Full Expensing of Certain Business Property (Section 70301)

Illinois — state program100-percent additional first year depreciation deduction (or elective 40-percent / 60-percent for certain property)

Provides a permanent 100% additional first-year depreciation deduction for qualified property acquired after January 19, 2025, and specified plants planted or grafted after January 19, 2025. Taxpayers may elect 40% (or 60% for long production period property and certain aircraft) for the first tax year ending after January 19, 2025, instead of 100%.

Program details

Type: tax-credit
Amount: 100-percent additional first year depreciation deduction (or elective 40-percent / 60-percent for certain property)
Status: open
Administrator: IRS
More Info: https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions

Source: Illinois — state program. Confirm current terms with the administering agency before applying.

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