In Revenue Procedure 2015-19 the IRS released the limits on depreciation for vehicles subject to the limitations of §280F(d)(7)(B)(i) for items placed in service in 2015, as well as the revised limits for 2014 for autos qualifying for bonus depreciation under IRC §168(k).  The latter revisions were needed since Congress finally extended the bonus depreciation rules through the end of 2014 in the Tax Increase Prevention Act of 2014, signed into law on December 19, 2014.

However, since that bill only extended the bonus depreciation through the end of 2014, the same issue may confront us for 2015.  The 2015 tables in this Revenue Procedure do not include the bonus depreciation adjustments that would be necessary should Congress again extend the expiration of bonus depreciation so that 2015 acquisitions can qualify.

The 2015 limits (for now) are as follows:

REV. PROC. 2015-19 TABLE 1 

DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2015:

1st Year

$3,160

2nd Year

$5,100

3rd Year

$3,050

Each Succeeding Year

$1,875

 

REV. PROC. 2015-19 TABLE 2 

DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2015:

1st Year

$3,460

2nd Year

$5,500

3rd Year

$3,350

Each Succeeding Year

$1,975

The revised limits for vehicles placed in service before December 31, 2014 that are eligible for bonus depreciation are:

REV. PROC. 2015-19 TABLE 5 

DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2014 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES:

1st Year

$11,160

2nd Year

$5,100

3rd Year

$3,050

Each Succeeding Year

$1,875

REV. PROC. 2015-19 TABLE 6 

DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2014 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES:

Tax Year

Amount

1st Year

$11,460

2nd Year

$5,500

3rd Year

$3,350

Each Succeeding Year

$1,975

The procedure also contains updated tables to be used for the lease inclusion amount under Reg. §1.280F for lease terms beginning in calendar year 2015, as well as modifying the lease inclusion amount tables for 2014 previously published in Revenue Procedure 2014-21 by striking the first line lease inclusion amount in each of those tables.  The 2014 lease inclusion tables now apply to passenger automobiles that are first leased by the taxpayer in calendar year 2014 with a fair market value over $19,000, and  to trucks and vans that are first leased by the taxpayer in calendar year 2014 with a fair market value over $19,500.