If you run a business and buy cars and equipment, or are starting a new business or renovating an existing business,  this is important news for you......

During Trump's policy speech last night before Congress,  he slipped in that he will work with Congress to reinstate 100% bonus depreciation, effective 1/1/25.  

This means much larger tax deductions for any business (and you!) paying for these type of assets

(Bonus depreciation is additional depreciation eligible for deduction in the year these assets start to be used.  Bonus is currently limited to 40% of the amount paid for these items, but in the recent past years, up to 100% was eligible)

Although he did not specifically say 100% but instead just used the phrase "bonus depreciation,"  I assume what he meant was 100% would come back.  Given that this measure had widespread bi partisan support in past years, and given that both the House and Senate are red, I have to assume that as they work on the new tax package, 100% will be brought back.

As the story develops, this will be very impactful for planning in 2025.  And will also impact any of you considering cost segregation analyses on your rental properties or business renovation projects.

Stay tuned!