{"id":109754,"date":"2025-03-14T11:40:14","date_gmt":"2025-03-14T11:40:14","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/"},"modified":"2025-03-14T11:40:14","modified_gmt":"2025-03-14T11:40:14","slug":"does-illinois-allow-bonus-depreciation","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/","title":{"rendered":"Does Illinois allow bonus depreciation?"},"content":{"rendered":"<p>Does Illinois allow bonus depreciation?<\/p>\n<p>Yes, Illinois allows bonus depreciation. This tax incentive allows businesses to accelerate their deductions for qualified property purchases within the state, providing financial benefits for eligible taxpayers. However, there are certain restrictions and guidelines that businesses must adhere to in order to take advantage of this deduction.<\/p>\n<p>Under federal law, bonus depreciation was introduced as part of the Tax Cuts and Jobs Act (TCJA) in 2017. It was implemented to stimulate economic growth and encourage investments in qualified property. The federal bonus depreciation allows businesses to deduct 100% of the cost of qualified property in the year it is placed in service. Illinois, as a conforming state, generally follows the federal tax laws and adheres to the same provisions regarding bonus depreciation.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#1_What_is_bonus_depreciation\" title=\"1. What is bonus depreciation?\">1. What is bonus depreciation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#2_What_is_the_percentage_of_bonus_depreciation_allowed_in_Illinois\" title=\"2. What is the percentage of bonus depreciation allowed in Illinois?\">2. What is the percentage of bonus depreciation allowed in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#3_Is_there_a_limit_on_the_amount_of_bonus_depreciation_that_can_be_deducted\" title=\"3. Is there a limit on the amount of bonus depreciation that can be deducted?\">3. Is there a limit on the amount of bonus depreciation that can be deducted?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#4_What_types_of_property_qualify_for_bonus_depreciation\" title=\"4. What types of property qualify for bonus depreciation?\">4. What types of property qualify for bonus depreciation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#5_Are_there_any_property_types_that_do_not_qualify_for_bonus_depreciation_in_Illinois\" title=\"5. Are there any property types that do not qualify for bonus depreciation in Illinois?\">5. Are there any property types that do not qualify for bonus depreciation in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#6_Are_there_any_limitations_for_taxpayers_with_gross_receipts_over_a_certain_threshold\" title=\"6. Are there any limitations for taxpayers with gross receipts over a certain threshold?\">6. Are there any limitations for taxpayers with gross receipts over a certain threshold?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#7_Can_bonus_depreciation_be_claimed_for_vehicles\" title=\"7. Can bonus depreciation be claimed for vehicles?\">7. Can bonus depreciation be claimed for vehicles?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#8_Can_bonus_depreciation_be_elected_out_in_Illinois\" title=\"8. Can bonus depreciation be elected out in Illinois?\">8. Can bonus depreciation be elected out in Illinois?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#9_Does_Illinois_conform_to_federal_bonus_depreciation_rules_for_property_acquired_outside_the_state\" title=\"9. Does Illinois conform to federal bonus depreciation rules for property acquired outside the state?\">9. Does Illinois conform to federal bonus depreciation rules for property acquired outside the state?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#10_Are_there_any_additional_reporting_requirements_for_Illinois_bonus_depreciation\" title=\"10. Are there any additional reporting requirements for Illinois bonus depreciation?\">10. Are there any additional reporting requirements for Illinois bonus depreciation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#11_Does_Illinois_allow_bonus_depreciation_for_partnerships_and_S-corporations\" title=\"11. Does Illinois allow bonus depreciation for partnerships and S-corporations?\">11. Does Illinois allow bonus depreciation for partnerships and S-corporations?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#12_Can_bonus_depreciation_be_amended_on_prior_year_Illinois_tax_returns\" title=\"12. Can bonus depreciation be amended on prior year Illinois tax returns?\">12. Can bonus depreciation be amended on prior year Illinois tax returns?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"1_What_is_bonus_depreciation\"><\/span>1. What is bonus depreciation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBonus depreciation is a tax incentive that allows businesses to deduct a certain percentage of the cost of qualified property immediately, rather than spreading the deduction over several years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_is_the_percentage_of_bonus_depreciation_allowed_in_Illinois\"><\/span>2. What is the percentage of bonus depreciation allowed in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIn Illinois, businesses can generally deduct 100% of the cost of qualified property placed in service after September 27, 2017, and before January 1, 2023.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Is_there_a_limit_on_the_amount_of_bonus_depreciation_that_can_be_deducted\"><\/span>3. Is there a limit on the amount of bonus depreciation that can be deducted?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nNo, there is no limit on the amount of bonus depreciation that can be deducted in Illinois. However, the deduction is subject to specific criteria and limitations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_What_types_of_property_qualify_for_bonus_depreciation\"><\/span>4. What types of property qualify for bonus depreciation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nQualified property includes tangible property with a recovery period of 20 years or less, such as machinery, equipment, furniture, and certain improvements to nonresidential real property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Are_there_any_property_types_that_do_not_qualify_for_bonus_depreciation_in_Illinois\"><\/span>5. Are there any property types that do not qualify for bonus depreciation in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nCertain types of property do not qualify for bonus depreciation in Illinois, including used property, property exported from Illinois within one year of acquisition, and property acquired from related parties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Are_there_any_limitations_for_taxpayers_with_gross_receipts_over_a_certain_threshold\"><\/span>6. Are there any limitations for taxpayers with gross receipts over a certain threshold?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nFor taxpayers with gross receipts over $25 million in the preceding taxable year, Illinois disallows bonus depreciation for the first taxable year ending on or after December 31, 2022.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_bonus_depreciation_be_claimed_for_vehicles\"><\/span>7. Can bonus depreciation be claimed for vehicles?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, bonus depreciation can be claimed for certain vehicles used for business purposes, such as trucks and vans. However, special rules apply to passenger automobiles.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Can_bonus_depreciation_be_elected_out_in_Illinois\"><\/span>8. Can bonus depreciation be elected out in Illinois?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nNo, once a taxpayer claims bonus depreciation on their federal return, it is automatically allowed on their Illinois return.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_Does_Illinois_conform_to_federal_bonus_depreciation_rules_for_property_acquired_outside_the_state\"><\/span>9. Does Illinois conform to federal bonus depreciation rules for property acquired outside the state?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIllinois follows the general rule that property must be acquired and placed in service within the state to qualify for bonus depreciation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Are_there_any_additional_reporting_requirements_for_Illinois_bonus_depreciation\"><\/span>10. Are there any additional reporting requirements for Illinois bonus depreciation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, Illinois businesses are required to make specific disclosures on their state tax returns if they claimed federal bonus depreciation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Does_Illinois_allow_bonus_depreciation_for_partnerships_and_S-corporations\"><\/span>11. Does Illinois allow bonus depreciation for partnerships and S-corporations?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, partnerships and S-corporations can claim bonus depreciation in Illinois, subject to their own limitations and restrictions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Can_bonus_depreciation_be_amended_on_prior_year_Illinois_tax_returns\"><\/span>12. Can bonus depreciation be amended on prior year Illinois tax returns?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, taxpayers may amend their Illinois tax returns to claim bonus depreciation for prior years if they did not originally claim it but were eligible to do so. However, strict guidelines and limitations apply to these amendment requests.<\/p>\n<p>In conclusion, businesses in Illinois can take advantage of the federal bonus depreciation provisions to accelerate their deductions for qualified property purchases. However, it is important for taxpayers to understand the specific criteria, limitations, and reporting requirements associated with this tax incentive in order to maximize their benefits while remaining compliant with state regulations. Consulting with a tax professional is recommended to ensure accurate and optimal utilization of bonus depreciation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Does Illinois allow bonus depreciation? Yes, Illinois allows bonus depreciation. This tax incentive allows businesses to accelerate their deductions for qualified property purchases within the state, providing financial benefits for eligible taxpayers. However, there are certain restrictions and guidelines that businesses must adhere to in order to take advantage of this deduction. Under federal law, &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Does Illinois allow bonus depreciation?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/does-illinois-allow-bonus-depreciation\/#more-109754\">Read more<span class=\"screen-reader-text\">Does Illinois allow bonus depreciation?<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-109754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Does Illinois allow bonus depreciation?<\/title>\n<meta name=\"description\" content=\"Does Illinois allow bonus depreciation? 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Yes, Illinois allows bonus depreciation. 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Readers are strongly advised to exercise caution, verify information independently, and rely on their own judgment when considering the information provided. 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