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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-percent 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-percent (or 60-percent for long production period property and certain aircraft) additional first-year depreciation for the first tax year ending after January 19, 2025, instead of 100 percent.
Program details
- Type
- tax-credit
- Amount
- 100-percent additional first year depreciation deduction (or elective 40-percent / 60-percent for certain property)
- Eligibility
- Taxpayers with qualified property acquired after January 19, 2025; specified plants planted or grafted after January 19, 2025
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.