March 10, 2008
On Feb. 20, 2008, President Bush signed into law HR 5140, the Economic Stimulus Act of 2008, which, among other things, includes an additional first-year depreciation deduction equal to 50 percent of the adjusted basis of a new vehicle. This temporary change to the federal tax code requires that all vehicles and other fixed assets be purchased and put into use by Dec. 31, 2008.