In the Senate, there’s a three-year package that is set to include various benefits for trucking companies big and small. The U.S. House of Representatives themselves had it passed with strong bipartisan support. Additionally, the Tax Relief for American Families and Workers Act of 2024, that had been approved for within the House by an actual vote of 357 – 70, on January 31st, which could allow accelerated depreciation for capital investments, as they provide beyond generous deductions for interest expenses. All the provisions can extend benefits as they had benefits included in the 2017 Tax Cuts and Jobs Act, as the signature tax bill passed through the Trump administration. Additionally, there are plenty of priorities made by the legislation that shift the focus on plenty of necessary investments in the supply chain.

The hope is that there’s a stronger bipartisan effort that can show the way towards huger freight capacity, innovation and efficiency, all as small businesses can show off proper jobs in the trucking industry.

Such a provision will up the maximum amount that a taxpayer could show an increase of up to $1.29 million all while reduced by the quantity that had been related to the cost of qualifying property that should go beyond $3.22 million all while the $3.22 million amounts as well as the $1.29 million amounts get adjusted for inflation for taxable years after 2024.

The tax plan can extend such allowance of a 100% bonus depreciation deduction for property placed in service not long after December 31st, 2022 and right before January 1st, 2026. The legislation may have a 34% likelihood of being enacted, all as 21% of bills that would shift it past committee from the past, as Congress keeps it enacted into law.

As of recent, the maximum a taxpayer can expend is about $1 million of the cost for qualifying property placed in service for the taxable year.