Section 179 Bonus Depreciation 2024 Table. Section 179 and bonus depreciation are both tax incentives that aim to encourage businesses to invest in capital assets. Consideration and comparison of bonus depreciation and section 179 is critical in planning for depreciation deductions.
The section 179 deduction and bonus depreciation provide additional deductions to income in year a vehicle is placed in service thereby reducing a company’s tax liability. Internal revenue code section 179 allows businesses to expense the full purchase price of qualifying equipment and/or software purchased during the tax year.