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Qualified Production Property Deduction (Section 168(k) / Section 70307)
Illinois — state program100 percent of the cost in the first year
Allows businesses to deduct 100% of the cost of qualifying business property (equipment, machinery, certain plants, and other qualifying property) bought and placed in service after January 19, 2025, in the first year, rather than spreading the deduction over several years.
Program details
- Type
- tax-credit
- Amount
- 100 percent of the cost in the first year
- Eligibility
- Businesses that buy qualifying business property such as equipment and machinery, certain plants, and other qualifying business property put into use after Jan. 19, 2025.
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.