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Increased Section 179 Expensing Limitation (Section 70306)
Illinois — state program$2,500,000 (reduced if cost of section 179 property placed in service exceeds $4,000,000; indexed for inflation after 2025)
Increases the total amount a taxpayer can elect to expense under IRC § 179 from $1,000,000 to $2,500,000 for section 179 property placed in service in tax years beginning after December 31, 2024. The $2,500,000 amount is reduced by the amount by which the cost of section 179 property placed in service exceeds $4,000,000, and all amounts are indexed for inflation annually after 2025.
Program details
- Type
- tax-credit
- Amount
- $2,500,000 (reduced if cost of section 179 property placed in service exceeds $4,000,000; indexed for inflation after 2025)
- Eligibility
- Taxpayers placing section 179 property in service in tax years beginning after December 31, 2024
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.