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Qualified Production Property 100% First-Year Depreciation Deduction (Section 70307)
Illinois — state program100 percent of the cost in the first year
Allows businesses to deduct 100% of the cost of qualifying property (equipment, machinery, certain plants, and other qualifying business property) in the first year it is bought and put into use, rather than spreading the deduction over several years. Applies to most qualifying business property bought and put into use after Jan. 19, 2025.
Program details
- Type
- tax-credit
- Amount
- 100 percent of the cost in the first year
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.