The recently enacted economic stimulus package, signed into law by President Bush last week, will provide both individual and business tax relief, including tax relief for investments in IT or wireless communications systems.

"The economic stimulus package is good for the trucking industry in that it will help spur economic growth as well as provide incentives for companies to make additional capital investments this year," said Bob Costello, chief economist for American Trucking Associations.

H.R. 5140, the Economic Stimulus Act of 2008, provides enhanced expensing and depreciation relief for businesses buying equipment and placing it into service this year.

H.R. 5140 will allow a trade or business to depreciate an additional 50 percent of the cost of an asset acquired and placed into service in 2008. The types of property eligible for bonus depreciation will be the same as those included in previous depreciation packages: (1) tangible property that had a recovery period not exceeding 20 years; (2) purchased computer software; and (3) qualified leasehold improvement property. The proposal is effective for calendar year 2008.

Click here to download the Bonus Depreciation Example spreadsheet.