100% Bonus Depreciation

[Bill Fearon]

I believe the US Senate added HR 9395 (the bill to modify bonus depreciation back to 100% for 2023,2024 and 2025) as an amendment to the FAA reauthorization bill in the Senate. 
Does anyone know if this now has to go back to the House of Representatives for approval or does it go straight to the President to sign?

[Benjamin Weinhart]

I think we are probably past the point of doing bonus depreciation retroactive for 2023. I could see them implementing it for 2024 still with the ability to depreciate the remaining basis on a property that was 80% depreciated in 2023, but it's likely a bit much to have everyone go back and correct 2023 at this point. I still stand by that we won't see any major tax legislation this year since the TCJA expires in 2025, not 2024.