1. The federal math is the same everywhere
A study moves a slice of the building basis, often 20% to 30%, onto 5, 7, and 15-year schedules, and federal bonus depreciation lets qualifying property acquired and placed in service after January 19, 2025 deduct 100% of that slice in year 1. Run your own numbers with the tax strategy projector.
2. States are free to reject it
Most of the headline savings come from federal bonus depreciation, and states set their own rules. Some conform in full, some allow a fraction, and some require you to add the deduction back and recover it over a schedule of their own. Section 179 caps diverge the same way, so the state return can look very different from the federal one for the same building.
3. What each guide covers
Each guide covers 1 state: whether it allows bonus depreciation, its Section 179 cap, how any addback works, and whether a study still pays off on the state return. Fund investors with properties in several states can start with the real estate fund answers.