Illinois Depreciation Schedule
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FAQ
Bonus depreciation decoupling Illinois has conformed to 100% bonus depreciation since the Tax Cuts and Jobs Act of 2017 (TCJA)6 reinstituted the concept for federal income tax purposes. Under the budget bill, Illinois will no longer conform to 100% bonus depreciation for tax years ending on or after Dec. 31, 2021.
Public Act 102-16 amended Section 203 of the Illinois Income Tax Act to decouple Illinois from federal 100 percent bonus depreciation for tax years ending on or after December 31, 2021.
Public Act 102-16 amended Section 203 of the Illinois Income Tax Act to decouple Illinois from federal 100 percent bonus depreciation for tax years ending on or after December 31, 2021.
States that have adopted the new bonus depreciation rules:Alabama.Alaska.Colorado.Delaware.Illinois.Kansas.Louisiana.Michigan.More items...
Pritzker signed into law SB2017, the state's FY 2022 budget legislation. Among many other noteworthy items within that piece of legislation, Illinois officially decouples from federal bonus depreciation for tax years ending on or after December 31, 2021.
2) Which assets are subject to bonus depreciation? Qualified business property that has a useful life of 20 years or less. Examples include equipment, furniture, fixtures, machinery, computer software, and costs of qualified film or television productions, and live theatrical productions.
Applicable for tax years ending on or after December 31, 2021, S.B. 2017 provides that Illinois decouples from 100% federal bonus depreciation.
Pritzker signed into law SB2017, the state's FY 2022 budget legislation. Among many other noteworthy items within that piece of legislation, Illinois officially decouples from federal bonus depreciation for tax years ending on or after December 31, 2021.
Historically, Illinois has decoupled from the federal 30% and 50% bonus depreciation rules but conformed to the 100% bonus depreciation rules. Under SB 2017, for tax years ending on or after December 31, 2021, Illinois would also decouple from the 100% bonus depreciation rule.
