Background
Further info on standard mileage rate is available in Rev Proc 2003-76
Revenue Procedure 2003-75 provides limitations on depreciation deductions
Legislation passed in 2002 provided addt’l 30% 1st-year depreciation deduction (an increase in 1st year of $4,600) for vehicles acquired after Sept 10, 2001, and before Sept 11, 2004
Legislation passed in 2003 substituted “50%” for “30%” for vehicles acquired after May 5, 2003, and before Jan 1, 2005, an increase in 1st year of $7,650