Bonus Depreciation 2024 Aircraft Tax. How does it work, and how will the picture change in 2023 when the amount drops. Under current law, businesses are able to deduct increased bonus depreciation related to the price of corporate aircraft in the year it was purchased as well as the expenses incurred related to the use of business aircraft each year.

 — through bonus depreciation, also known as immediate expensing, taxpayers placing qualifying property into service, including business aircraft, can continue to deduct the full cost of their investment in new and used property in.  — notably for aircraft purchases, the plan extends the allowance of a 100 percent bonus depreciation deduction for property placed in service after december 31, 2022, and before january 1,.