Section 179 Bonus Depreciation 2024 Limit. For vehicles under 6,000 pounds in the tax year 2023, section 179 allows for a maximum deduction of $12,200 and bonus depreciation allows for a maximum of. The section 179 deduction limit for 2024 was raised to $1,220,000 with a capital purchase limit of $3,050,000.
In contrast, bonus depreciation is limited to 80 percent for 2023 (60 percent for 2024). It begins to be phased out if 2024 qualified asset additions exceed $3.05.