The IRS announced the dollar limits on the amount of depreciation that can be claimed for passenger cars, light trucks, and vans purchased for business and placed in service in 2009. The limits for passenger cars are the same as those in 2008; the limits for light trucks and vans are slightly lower.
The limits for new (not pre-owned) vehicles reflect the $8,000 allowance resulting from 50% bonus depreciation in 2009, for a first-year dollar limit of $10,960 for passenger cars; the limit is only $2,960 for used passenger cars.
Those who lease vehicles valued at more than $18,500 must include an amount (called the “inclusion amount”) in income based on IRS tables. The inclusion amounts for vehicles first leased in 2009 that are used for business are substantially lower than the amounts for vehicles first leased in 2008.
You'll find details in Rev. Proc. 2009-24, which will be posted in Internal Revenue Bulletin 2009-17.