2024 Bonus Depreciation Rules For Cars. Starting on january 1 st, 2023, for assets placed in service during the following periods, the bonus. 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.

For suvs with a gvwr. For passenger vehicles, trucks, and vans that are used more than 50% for business, the bonus depreciation limit was $18,100 for the first year for 2022.