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Section 179 Expensing (One Big Beautiful Bill modifications)
Illinois — state programSee program
Expands the Section 179 election to expense certain depreciable business assets. The deduction limit and phase-out threshold are indexed for inflation annually for taxable years beginning after 2025. The phase-out begins when the cost of section 179 property placed in service exceeds $4,000,000.
Program details
- Type
- tax-credit
- Eligibility
- Businesses placing section 179 property in service during the taxable year.
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.