Vehicle Stimulus

[BOSS]

I just got a letter from a local dealership regarding the Economic Stimulus Bill passed by Congress. We all got our checks, but included in this bill is a provision to provide a huge tax deduction on vehicles purchased before 12/31/08. The first year deduction is $11,060.00- $29,183.00 depending on vehicle purchased...

Anyone else heard of this or talked to their tax people about it?

 

[Bigted]

I believe that you are talking about the bonus depreciation section. It is similar to what happened after 9/11. It provides for larger depreciation in the first year--I believe up to 50%.

Here is a summary of the bill that passed.
http://tax.cchgroup.com/legislation/2008-stimulus-package.pdf