What is happening with bonus depreciation?
Bonus depreciation expired in 2009. The legislation reinstates the bonus depreciation rules for 2010, whereby a business can claim a deduction equal to 50 percent of the cost of qualified assets, including vehicles. These assets generally must be placed in service by Dec. 31, 2010. The Section 179 deduction and bonus depreciation deductions can be combined to offset a large portion, if not all, of a business’s fixed asset acquisitions for 2010.
