The expense method depreciation annual allowance, which was $25,000 for 2003, has been increased to $100,000 effective for taxable years beginning after 2002 and before 2006. The increase is effective for 2003, 2004 and 2005. Thereafter, the limit returns to $25,000 unless there is further legislation to change the amount. Act Sec. 202(a), amending I.R.C. § 179(b)(1).
Harl, Neil E. and McEowen, Roger A.
"Jobs and Growth Tax Relief Reconciliation Act of 2003 (Pub. L. No. 108-27): Summary of Selected Provisions,"
Agricultural Law Digest: Vol. 14
, Article 1.
Available at: http://lib.dr.iastate.edu/aglawdigest/vol14/iss12/1