Qualified Production Property (QPP) 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 business property (equipment, machinery, certain plants, and other qualifying business property) in the first year it is placed in service, 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 (equipment and machinery, certain plants, other qualifying business property) bought and put into use after Jan. 19, 2025.
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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