SECTION 4. APPLICATION — Internal Revenue Bulletin 2003-45

In General . (1) Limitations on Depreciation Deduc- tions for Certain Automobiles . The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2003 are found in Tables 1 through 9 in section 4.02(2) of this revenue procedure. Table 1 of this revenue procedure provides limitations on depreciation deductions for a passenger automobile (other than a truck, van, electric automobile, § 168(k)(1) passenger automobile, or § 168(k)(4) passenger automobile). Table 2 of this revenue procedure provides limitations on depreciation deductions for a § 168(k)(1) passenger automobile (other than a truck, van, or electric automobile). Table 3 of this revenue procedure provides limitations on depreciation deductions for a § 168(k)(4) passenger automobile (other than a truck, van, or electric automobile). Table 4 of this revenue procedure provides limitations on depreciation deductions for a truck or van (other than a § 168(k)(1) passenger automobile or § 168(k)(4) passenger automobile). Table 5 of this revenue

2003-45 I.R.B. 1019 November 10, 2003

Tables 1 through 9 contain the dollar amount of the depreciation limitation for each tax year. Use Table 1 for passenger automobiles (other than trucks, vans, electric automobiles, § 168(k)(1) passenger automobiles, and § 168(k)(4) passenger automobiles) placed in service by the taxpayer in calendar year 2003. Use Table 2 for § 168(k)(1) passenger automobiles (other than trucks, vans, and electric automobiles) placed in service by the taxpayer in calendar year 2003. Use Table 3 for § 168(k)(4) passenger automobiles (other than trucks, vans, and electric automobiles) placed in service by the taxpayer in calendar year 2003. Use Table 4 for trucks and vans (other than § 168(k)(1) passenger automobiles and § 168(k)(4) passenger automobiles) placed in service by the taxpayer in calendar year 2003. Use Table 5 for trucks or vans that are § 168(k)(1) passenger automobiles placed in service by the taxpayer in calendar year 2003. Use Table 6 for trucks or vans that are § 168(k)(4) passenger automobiles placed in service by the taxpayer in calendar year 2003. Use Table 7 for electric automobiles (other than § 168(k)(1) passenger automobiles and § 168(k)(4) passenger automobiles) placed in service by the taxpayer in calendar year 2003. Use Table 8 for electric automobiles that are § 168(k)(1) passenger automobiles placed in service by the taxpayer in calendar year 2003. Use Table 9 for electric automobiles that are § 168(k)(4) passenger automobiles placed in service by the taxpayer in calendar year 2003.

Placed in Service in 2001 or 2002 . Depreciation deductions with respect to § 168(k)(1) passenger automobiles placed in service during calendar year 2001 or 2002 are limited to the amounts set forth in Tables 13 through 16 of section 4.05(2) of this revenue procedure.

Limitations on Depreciation De- ductions for Certain Automobiles .

(1) Amount of the Inflation Adjustment . Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor (the CPI). The new car component of the CPI was 115.2 for October 1987 and 136.7 for October 2002. The October 2002 index exceeded the October 1987 index by 21.5. The Service has, therefore, determined that the automobile price inflation adjustment for 2003 for passenger automobiles (other than trucks and vans) is 18.66 percent (21.5/115.2 x 100%). This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2003. The dollar limitations in § 280F(a) must therefore be multiplied by a factor of 0.1866, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to

give the depreciation limitations applicable to passenger automobiles (other than trucks, vans, and electric automobiles) for calendar year 2003. To determine the dollar limitations applicable to an electric automobile first placed in service during calendar year 2003, the dollar limitations in § 280F(a) are tripled in accordance with § 280F(a)(1)(C) and are then multiplied by a factor of 0.1866; the resulting increases, after rounding to the nearest $100, are added to the tripled 1988 limitations to give the depreciation limitations for calendar year 2003. To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2003, the new truck component of the CPI is used instead of the new car component. The new truck component of the CPI was 112.4 for October 1987 and 147.5 for October 2002. The October 2002 index exceeded the October 1987 index by 35.1. The Service has, therefore, determined that the automobile price inflation adjustment for 2003 for trucks and vans is 31.23 percent (35.1/112.4 x 100%). This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2003. The dollar limitations in § 280F(a) must therefore be multiplied by a factor of 0.3123, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans.

(2) Amount of the Limitation . For passenger automobiles placed in service by the taxpayer in calendar year 2003,

REV. PROC. 2003–75 TABLE 1

DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES

(THAT ARE NOT § 168(k)(1) PASSENGER AUTOMOBILES,

§ 168(k)(4) PASSENGER AUTOMOBILES TRUCKS, VANS, OR ELECTRIC AUTOMOBILES) PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $3,060

2nd Tax Year $4,900

3rd Tax Year $2,950

Each Succeeding Year $1,775

November 10, 2003 1020 2003-45 I.R.B.

REV. PROC. 2003–75 TABLE 2

DEPRECIATION LIMITATIONS FOR § 168(k)(1) PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS, VANS, OR ELECTRIC AUTOMOBILES) PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $7,660

2nd Tax Year $4,900

3rd Tax Year $2,950

Each Succeeding Year $1,775

REV. PROC. 2003–75 TABLE 3

DEPRECIATION LIMITATIONS FOR § 168(k)(4) PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS, VANS, OR ELECTRIC AUTOMOBILES) PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $10,710

2nd Tax Year $4,900

3rd Tax Year $2,950

Each Succeeding Year $1,775

REV. PROC. 2003–75 TABLE 4

DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS (THAT ARE NOT § 168(k)(1) PASSENGER AUTOMOBILES

OR § 168(k)(4) PASSENGER AUTOMOBILES) PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $3,360

2nd Tax Year $5,400

3rd Tax Year $3,250

Each Succeeding Year $1,975

2003-45 I.R.B. 1021 November 10, 2003

REV. PROC. 2003–75 TABLE 5

DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS

THAT ARE § 168(k)(1) PASSENGER AUTOMOBILES PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $7,960

2nd Tax Year $5,400

3rd Tax Year $3,250

Each Succeeding Year $1,975

REV. PROC. 2003–75 TABLE 6

DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS

(THAT ARE § 168(k)(4) PASSENGER AUTOMOBILES PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $11,010

2nd Tax Year $5,400

3rd Tax Year $3,250

Each Succeeding Year $1,975

REV. PROC. 2003–75 TABLE 7

DEPRECIATION LIMITATIONS FOR ELECTRIC AUTOMOBILES

(THAT ARE NOT § 168(k)(1) PASSENGER AUTOMOBILES

OR § 168(k)(4) PASSENGER AUTOMOBILES) PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $9,080

2nd Tax Year $14,600

3rd Tax Year $8,750

Each Succeeding Year $5,225

REV. PROC. 2003–75 TABLE 8

DEPRECIATION LIMITATIONS FOR ELECTRIC AUTOMOBILES

THAT ARE § 168(k) (1) PASSENGER AUTOMOBILES PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $22,880

2nd Tax Year $14,600

3rd Tax Year $8,750

Each Succeeding Year $5,225

November 10, 2003 1022 2003-45 I.R.B.

REV. PROC. 2003–75 TABLE 9

DEPRECIATION LIMITATIONS FOR ELECTRIC AUTOMOBILES

THAT ARE § 168(k)(4) PASSENGER AUTOMOBILES PLACED IN SERVICE BY THE TAXPAYER DURING CALENDAR YEAR 2003

Tax Year Amount

1st Tax Year $32,030

2nd Tax Year $14,600

3rd Tax Year $8,750

Each Succeeding Year $5,225

lessees of electric automobiles should use Table 12 of this revenue procedure.

Inclusions in Income of Lessees of Passenger Automobiles.

The inclusion amounts for passenger automobiles (including § 168(k)(1) passenger automobiles and § 168(k)(4) passenger automobiles) first leased in calendar year 2003 are calculated under the

procedures described in § 1.280F–7(a). Lessees of passenger automobiles other than trucks, vans, and electric automobiles should use Table 10 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 11 of this revenue procedure and

2003-45 I.R.B. 1023 November 10, 2003

REV. PROC. 2003–75 TABLE 10
DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES
(THAT ARE NOT TRUCKS, VANS, OR ELECTRIC AUTOMOBILES)
WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2003

Fair Market Value of Passenger Automobile Over Not Over	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease
Fair Market Value of Passenger Automobile Over Not Over	1st	2nd	3rd	4th	5th and Later

41,000
42,000
90
199
294
353
407
42,000
43,000
94
206
306
366
423
43,000
44,000
97
214
317
380
438
44,000
45,000
101
221
328
394
454
45,000
46,000
104
229
339
407
470
46,000
47,000
108
236
351
420
486
47,000
48,000
111
244
362
434
501
48,000
49,000
115
251
374
447
516
49,000
50,000
118
259
385
460
532
50,000
51,000
121
267
396
474
548
51,000
52,000
125
274
407
488
563
52,000
53,000
128
282
418
502
578
53,000
54,000
132
289
430
515
594
54,000
55,000
135
297
441
528
610
55,000
56,000
139
304
452
542
626
56,000
57,000
142
312
463
556
641
57,000
58,000
146
320
474
569
656
58,000
59,000
149
327
486
582
672
59,000
60,000
152
335
497
596
688
60,000
62,000
158
346
514
616
711
62,000
64,000
165
361
537
642
743
64,000
66,000
171
377
559
670
773
66,000
68,000
178
392
581
697
805
68,000
70,000
185
407
604
724
835
70,000
72,000
192
422
626
751
867
72,000
74,000
199
437
649
778
898
74,000
76,000
206
452
672
804
930
76,000
78,000
213
467
694
832
960
78,000
80,000
220
483
716
859
991
80,000
85,000
232
509
756
906
1,046
85,000
90,000
249
547
812
973
1,124
90,000
95,000
266
585
868
1,041
1,202
95,000
100,000
284
623
924
1,108
1,280
100,000
110,000
309
680
1,009
1,209
1,397
110,000
120,000
344
755
1,122
1,344
1,552
120,000
130,000
378
831
1,234
1,479
1,708
130,000
140,000
413
907
1,346
1,614
1,864
140,000
150,000
447
983
1,459
1,749
2,019
150,000
160,000
482
1,059
1,571
1,884
2,175
160,000
170,000
516
1,135
1,683
2,019
2,331
170,000
180,000
551
1,210
1,796
2,154
2,487
180,000
190,000
585
1,286
1,909
2,288
2,643
190,000
200,000
620
1,362
2,021
2,423
2,798
200,000
210,000
654
1,438
2,133
2,559
2,953
210,000
220,000
689
1,513
2,246
2,694
3,109
220,000
230,000
723
1,589
2,359
2,828
3,265
230,000
240,000
758
1,665
2,471
2,963
3,421
240,000
250,000
792
1,741
2,583
3,098
3,577

November 10, 2003 1024 2003-45 I.R.B.

REV. PROC. 2003–75 TABLE 11
DOLLAR AMOUNTS FOR TRUCKS AND VANS
WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2003

Fair Market Value of Truck or Van Over Not Over	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease
Fair Market Value of Truck or Van Over Not Over	1st	2nd	3rd	4th	5th and Later

$18,500
19,000
7
14
22
24
29
19,000
19,500
8
18
27
32
36
19,500
20,000
10
22
33
38
44
20,000
20,500
12
26
38
45
52
20,500
21,000
14
29
44
52
60
21,000
21,500
15
34
49
59
67
21,500
22,000
17
37
55
66
75
22,000
23,000
20
43
63
76
86
23,000
24,000
23
51
74
89
102
24,000
25,000
27
58
86
102
118
25,000
26,000
30
66
97
116
133
26,000
27,000
33
73
109
129
149
27,000
28,000
37
81
119
143
165
28,000
29,000
40
89
130
157
180
29,000
30,000
44
96
142
170
196
30,000
31,000
47
104
153
183
212
31,000
32,000
51
111
165
196
227
32,000
33,000
54
119
176
210
242
33,000
34,000
58
126
187
224
258
34,000
35,000
61
134
198
238
273
35,000
36,000
65
141
210
251
289
36,000
37,000
68
149
221
264
305
37,000
38,000
71
157
232
278
320
38,000
39,000
75
164
243
292
336
39,000
40,000
78
172
254
305
352
40,000
41,000
82
179
266
318
367
41,000
42,000
85
187
277
332
383
42,000
43,000
89
194
289
345
398
43,000
44,000
92
202
300
358
414
44,000
45,000
96
209
311
373
429
45,000
46,000
99
217
322
386
445
46,000
47,000
102
225
333
400
460
47,000
48,000
106
232
345
413
476
48,000
49,000
109
240
356
426
492
49,000
50,000
113
247
368
439
507
50,000
51,000
116
255
379
453
523
51,000
52,000
120
263
389
467
538
52,000
53,000
123
270
401
480
554
53,000
54,000
127
278
412
493
570
54,000
55,000
130
285
424
507
585
55,000
56,000
134
293
434
521
601
56,000
57,000
137
301
445
534
617
57,000
58,000
140
308
457
548
632
58,000
59,000
144
316
468
561
647
59,000
60,000
147
323
480
575
663
60,000
62,000
152
335
496
595
687
62,000
64,000
159
350
519
622
717
64,000
66,000
166
365
542
648
749
66,000
68,000
173
380
564
676
780
68,000
70,000
180
395
587
702
811
70,000
72,000
187
410
609
730
842
72,000
74,000
194
426
631
757
873

2003-45 I.R.B. 1025 November 10, 2003

REV. PROC. 2003–75 TABLE 11
DOLLAR AMOUNTS FOR TRUCKS AND VANS
WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2003

Fair Market Value of Truck or Van Over Not Over	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease
Fair Market Value of Truck or Van Over Not Over	1st	2nd	3rd	4th	5th and Later

REV. PROC. 2003–75 TABLE 11
DOLLAR AMOUNTS FOR TRUCKS AND VANS
WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2003

74,000 76,000 201 441 654 783 905 76,000 78,000 208 456 676 811 935 78,000 80,000 215 471 699 837 967 80,000 85,000 227 497 739 885 1,021 85,000 90,000 244 535 795 952 1,099 90,000 95,000 261 573 851 1,020 1,177 95,000 100,000 278 611 907 1,088 1,254 100,000 110,000 304 668 992 1,188 1,372 110,000 120,000 339 744 1,104 1,323 1,527 120,000 130,000 373 820 1,216 1,458 1,683 130,000 140,000 408 895 1,329 1,593 1,839 140,000 150,000 442 971 1,442 1,728 1,994 150,000 160,000 477 1,047 1,554 1,862 2,151 160,000 170,000 511 1,123 1,666 1,998 2,306 170,000 180,000 546 1,198 1,779 2,133 2,462 180,000 190,000 580 1,274 1,892 2,267 2,618 190,000 200,000 615 1,350 2,004 2,402 2,773 200,000 210,000 649 1,426 2,116 2,537 2,929 210,000 220,000 684 1,502 2,228 2,672 3,085 220,000 230,000 718 1,578 2,341 2,807 3,240 230,000 240,000 753 1,653 2,454 2,942 3,396 240,000 250,000 787 1,729 2,566 3,077 3,552	74,000 76,000 201 441 654 783 905 76,000 78,000 208 456 676 811 935 78,000 80,000 215 471 699 837 967 80,000 85,000 227 497 739 885 1,021 85,000 90,000 244 535 795 952 1,099 90,000 95,000 261 573 851 1,020 1,177 95,000 100,000 278 611 907 1,088 1,254 100,000 110,000 304 668 992 1,188 1,372 110,000 120,000 339 744 1,104 1,323 1,527 120,000 130,000 373 820 1,216 1,458 1,683 130,000 140,000 408 895 1,329 1,593 1,839 140,000 150,000 442 971 1,442 1,728 1,994 150,000 160,000 477 1,047 1,554 1,862 2,151 160,000 170,000 511 1,123 1,666 1,998 2,306 170,000 180,000 546 1,198 1,779 2,133 2,462 180,000 190,000 580 1,274 1,892 2,267 2,618 190,000 200,000 615 1,350 2,004 2,402 2,773 200,000 210,000 649 1,426 2,116 2,537 2,929 210,000 220,000 684 1,502 2,228 2,672 3,085 220,000 230,000 718 1,578 2,341 2,807 3,240 230,000 240,000 753 1,653 2,454 2,942 3,396 240,000 250,000 787 1,729 2,566 3,077 3,552	74,000 76,000 201 441 654 783 905 76,000 78,000 208 456 676 811 935 78,000 80,000 215 471 699 837 967 80,000 85,000 227 497 739 885 1,021 85,000 90,000 244 535 795 952 1,099 90,000 95,000 261 573 851 1,020 1,177 95,000 100,000 278 611 907 1,088 1,254 100,000 110,000 304 668 992 1,188 1,372 110,000 120,000 339 744 1,104 1,323 1,527 120,000 130,000 373 820 1,216 1,458 1,683 130,000 140,000 408 895 1,329 1,593 1,839 140,000 150,000 442 971 1,442 1,728 1,994 150,000 160,000 477 1,047 1,554 1,862 2,151 160,000 170,000 511 1,123 1,666 1,998 2,306 170,000 180,000 546 1,198 1,779 2,133 2,462 180,000 190,000 580 1,274 1,892 2,267 2,618 190,000 200,000 615 1,350 2,004 2,402 2,773 200,000 210,000 649 1,426 2,116 2,537 2,929 210,000 220,000 684 1,502 2,228 2,672 3,085 220,000 230,000 718 1,578 2,341 2,807 3,240 230,000 240,000 753 1,653 2,454 2,942 3,396 240,000 250,000 787 1,729 2,566 3,077 3,552	74,000 76,000 201 441 654 783 905 76,000 78,000 208 456 676 811 935 78,000 80,000 215 471 699 837 967 80,000 85,000 227 497 739 885 1,021 85,000 90,000 244 535 795 952 1,099 90,000 95,000 261 573 851 1,020 1,177 95,000 100,000 278 611 907 1,088 1,254 100,000 110,000 304 668 992 1,188 1,372 110,000 120,000 339 744 1,104 1,323 1,527 120,000 130,000 373 820 1,216 1,458 1,683 130,000 140,000 408 895 1,329 1,593 1,839 140,000 150,000 442 971 1,442 1,728 1,994 150,000 160,000 477 1,047 1,554 1,862 2,151 160,000 170,000 511 1,123 1,666 1,998 2,306 170,000 180,000 546 1,198 1,779 2,133 2,462 180,000 190,000 580 1,274 1,892 2,267 2,618 190,000 200,000 615 1,350 2,004 2,402 2,773 200,000 210,000 649 1,426 2,116 2,537 2,929 210,000 220,000 684 1,502 2,228 2,672 3,085 220,000 230,000 718 1,578 2,341 2,807 3,240 230,000 240,000 753 1,653 2,454 2,942 3,396 240,000 250,000 787 1,729 2,566 3,077 3,552	74,000 76,000 201 441 654 783 905 76,000 78,000 208 456 676 811 935 78,000 80,000 215 471 699 837 967 80,000 85,000 227 497 739 885 1,021 85,000 90,000 244 535 795 952 1,099 90,000 95,000 261 573 851 1,020 1,177 95,000 100,000 278 611 907 1,088 1,254

100,000
110,000
304
668
992
1,188
1,372
110,000
120,000
339
744
1,104
1,323
1,527
120,000
130,000
373
820
1,216
1,458
1,683
130,000
140,000
408
895
1,329
1,593
1,839
140,000
150,000
442
971
1,442
1,728
1,994
150,000
160,000
477
1,047
1,554
1,862
2,151
160,000
170,000
511
1,123
1,666
1,998
2,306
170,000
180,000
546
1,198
1,779
2,133
2,462
180,000
190,000
580
1,274
1,892
2,267
2,618
190,000
200,000
615
1,350
2,004
2,402
2,773
200,000
210,000
649
1,426
2,116
2,537
2,929
210,000
220,000
684
1,502
2,228
2,672
3,085
220,000
230,000
718
1,578
2,341
2,807
3,240
230,000
240,000
753
1,653
2,454
2,942
3,396
240,000
250,000
787
1,729
2,566
3,077
3,552|74,000
76,000
201
441
654
783
905
76,000
78,000
208
456
676
811
935
78,000
80,000
215
471
699
837
967
80,000
85,000
227
497
739
885
1,021
85,000
90,000
244
535
795
952
1,099
90,000
95,000
261
573
851
1,020
1,177
95,000
100,000
278
611
907
1,088
1,254
100,000
110,000
304
668
992
1,188
1,372
110,000
120,000
339
744
1,104
1,323
1,527
120,000
130,000
373
820
1,216
1,458
1,683
130,000
140,000
408
895
1,329
1,593
1,839
140,000
150,000
442
971
1,442
1,728
1,994
150,000
160,000
477
1,047
1,554
1,862
2,151
160,000
170,000
511
1,123
1,666
1,998
2,306
170,000
180,000
546
1,198
1,779
2,133
2,462
180,000
190,000
580
1,274
1,892
2,267
2,618
190,000
200,000
615
1,350
2,004
2,402
2,773
200,000
210,000
649
1,426
2,116
2,537
2,929
210,000
220,000
684
1,502
2,228
2,672
3,085
220,000
230,000
718
1,578
2,341
2,807
3,240
230,000
240,000
753
1,653
2,454
2,942
3,396
240,000
250,000
787
1,729
2,566
3,077
3,552|

REV. PROC. 2003–75 TABLE 12
DOLLAR AMOUNTS FOR ELECTRIC AUTOMOBILES
WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2003

Fair Market Value of Electric Automobile Over Not Over	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease
Fair Market Value of Electric Automobile Over Not Over	1st	2nd	3rd	4th	5th and Later

REV. PROC. 2003–75 TABLE 11 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2003
$53,000 54,000 28 60 90 108 124 54,000 55,000 31 68 101 121 140 55,000 56,000 35 76 112 134 156 56,000 57,000 38 83 124 148 171 57,000 58,000 42 91 134 162 187 58,000 59,000 45 98 146 175 203 59,000 60,000 49 106 157 188 218 60,000 62,000 54 117 174 209 241 62,000 64,000 61 132 197 235 273 64,000 66,000 68 147 219 263 304 66,000 68,000 75 163 241 290 334 68,000 70,000 81 178 264 317 366 70,000 72,000 88 193 287 343 397 72,000 74,000 95 208 309 371 428 74,000 76,000 102 223 332 397 460 76,000 78,000 109 239 353 425 491 78,000 80,000 116 254 376 452 521

November 10, 2003 1026 2003-45 I.R.B.

REV. PROC. 2003–75 TABLE 12
DOLLAR AMOUNTS FOR ELECTRIC AUTOMOBILES
WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2003

Fair Market Value of Electric Automobile Over Not Over	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease	Tax Year During Lease
Fair Market Value of Electric Automobile Over Not Over	1st	2nd	3rd	4th	5th and Later

80,000
85,000
128
280
416
499
576
85,000
90,000
145
318
472
566
655
90,000
95,000
162
356
528
634
732
95,000
100,000
180
394
584
701
810
100,000
110,000
206
451
668
803
926
110,000
120,000
240
527
781
937
1,082
120,000
130,000
275
602
894
1,072
1,238
130,000
140,000
309
678
1,006
1,207
1,394
140,000
150,000
344
754
1,118
1,342
1,550
150,000
160,000
378
830
1,231
1,477
1,705
160,000
170,000
413
905
1,344
1,612
1,861
170,000
180,000
447
981
1,456
1,747
2,017
180,000
190,000
482
1,057
1,568
1,882
2,172
190,000
200,000
516
1,133
1,681
2,016
2,329
200,000
210,000
551
1,208
1,794
2,151
2,484
210,000
220,000
585
1,284
1,906
2,287
2,639
220,000
230,000
620
1,360
2,018
2,421
2,796
230,000
240,000
654
1,436
2,131
2,556
2,951
240,000
250,000
689
1,511
2,244
2,691
3,107

in calendar year 2002) by $4,600. Similarly, the revised depreciation limits provided in this section for electric automobiles that are § 168(k)(1) passenger automobiles were calculated by augmenting the existing limitations on the first year allowance in Rev. Proc. 2001–19 (for electric automobiles placed in service in calendar year 2001) and in Rev. Proc. 2002–14 (for electric automobiles placed in service in calendar year 2002) by $13,800 ($4,600 tripled).

(2) Amount of the Revised Limitation. For § 168(k)(1) passenger automobiles (other than electric automobiles) placed in service by the taxpayer in calendar year 2001, Table 13 of this revenue procedure contains the revised dollar amount of the depreciation limitations for each tax year. For electric automobiles that are § 168(k)(1) passenger automobiles placed in service by the taxpayer in calendar year 2001, Table 14 of this revenue procedure contains these revised amounts. For § 168(k)(1) passenger automobiles (other than electric automobiles) placed in service by the taxpayer in calendar year 2002, Table 15 of this revenue procedure contains the revised dollar amount of

Maximum Automobile Value for Us- ing the Cents-per-mile Valuation Rule.

(1) Amount of Adjustment. Under § 1.61–21(e)(1)(iii)(A), the limitation on the fair market value of an employer-provided passenger automobile first made available to any employee for personal use after 1988 is to be adjusted in accordance with § 280F(d)(7). Accordingly, the adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. See, section 4.02(1) of this revenue procedure. The new car component of the CPI was 115.2 for October 1987 and 136.7 for October 2002. The October 2002 index exceeded the October 1987 index by 21.5. The Service has, therefore, determined that the adjustment for 2003 is 18.66 percent (21.5/115.2 x 100%). This adjustment is applicable to all employer-provided passenger automobiles first made available to any employee for personal use in calendar year 2003. The maximum fair market value specified in § 1.61–21(e)(1)(iii)(A) must therefore be multiplied by a factor of 0.1866, and

the resulting increase, after rounding to the nearest $100, is added to $12,800 to give the maximum value for calendar year 2003. (2) The Maximum Automobile Value . For passenger automobiles first made available in calendar year 2003 to any employee of the employer for personal use, the vehicle cents-per-mile valuation rule may be applicable if the fair market value of the passenger automobile on the date it is first made available does not exceed $15,200.

Revised Limitation Amounts for § 168(k)(1) Passenger Automobiles Placed in Service During 2001 and 2002.

(1) Calculation of the Revised Amount. The revised depreciation limits provided in this section for § 168(k)(1) passenger automobiles (other than electric automobiles) were calculated by augmenting the existing limitations on the first year allowance in Rev. Proc. 2001–19 (for passenger automobiles placed in service in calendar year 2001) and in Rev. Proc. 2002–14 (for passenger automobiles placed in service

2003-45 I.R.B. 1027 November 10, 2003

the depreciation limitations for each tax year. For electric automobiles that are

§ 168(k)(1) passenger automobiles placed in service by the taxpayer in calendar year

REV. PROC. 2003–75 TABLE 13

2002, Table 16 of this revenue procedure contains these revised amounts.

DEPRECIATION LIMITATIONS FOR § 168(k)(1) PASSENGER AUTOMOBILES (THAT ARE NOT ELECTRIC AUTOMOBILES) FIRST PLACED

IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2001

Tax Year Amount

1st Tax Year $7,660

2nd Tax Year $4,900

3rd Tax Year $2,950

Each Succeeding Year $1,775

REV. PROC. 2003–75 TABLE 14

DEPRECIATION LIMITATIONS FOR ELECTRIC AUTOMOBILES

THAT ARE § 168(k)(1) PASSENGER AUTOMOBILES FIRST PLACED IN SERVICE BY THE TAXPAYER IN

CALENDAR YEAR 2001

Tax Year Amount

1st Tax Year $23,080

2nd Tax Year $14,800

3rd Tax Year $8,850

Each Succeeding Year $5,325

REV. PROC. 2003–75 TABLE 15

DEPRECIATION LIMITATIONS FOR § 168(k)(1) PASSENGER AUTOMOBILES (THAT ARE NOT ELECTRIC AUTOMOBILES) FIRST PLACED

IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2002

Tax Year Amount

1st Tax Year $7,660

2nd Tax Year $4,900

3rd Tax Year $2,950

Each Succeeding Year $1,775

November 10, 2003 1028 2003-45 I.R.B.

REV. PROC. 2003–75 TABLE 16

DEPRECIATION LIMITATIONS FOR ELECTRIC AUTOMOBILES

THAT ARE § 168(k)(1) PASSENGER AUTOMOBILES FIRST PLACED IN SERVICE BY THE TAXPAYER IN

CALENDAR YEAR 2002

Tax Year Amount

1st Tax Year $22,980

2nd Tax Year $14,700

3rd Tax Year $8,750

Each Succeeding Year $5,325