The Economic Stimulus Act of 2008 increased Section 179 depreciation annual dollar limit to $250,000, effective only for tax year beginning in 2008. This increase is limited to one year only.
In addition, 50% bonus depreciation is allowed for “qualified property” purchased in the year 2008. Qualified property is described as Section 168 recovery property with a recovery period of 20 years or less. To qualify, the asset must be new rather than used property.