Tax law offers 100-percent, first-year ‘bonus’ depreciation: The Tax Cuts and Jobs Act increased the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after September 27, 2017, and before January 1, 2023. This law change: Generally, applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify. Adds film, television, live theatrical productions, and some used qualified property as types of property that may be eligible. Taxpayers may elect out of the additional first-year depreciation.