Regulations and Government
House Approves Bonus Depreciation Extension
Tax act would restore 100 percent depreciation for aircraft
U.S. Capitol

The move to restore 100 percent depreciation took a step forward with the U.S. House's approval of the Tax Relief for American Families and Workers Act of 2024 yesterday. While not unanimous, the House approved the bill, H.R.7024, by a 357-to-70 vote in a rare show of bipartisanship, particularly for a tax measure.

H.R.7024 now heads to the Senate, where its path forward is less clear—even with a strong endorsement by Senate Finance Committee Chairman Ron Wyden (D-Oregon).

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