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| 2008 Tax law Changes for Business |
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Provision |
2008 |
2007 |
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Business equipment expensing deduction |
$250,000 |
$125,000 |
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Total purchase limit for full expensing deduction |
$800,000 |
$500,000 |
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Standard mileage rate for business driving (1/1/08 - 6/30/08) |
50.5¢ per mile |
48.5¢ per mile |
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Standard mileage rate for business driving (7/1/08 - 12/31/08) |
58.5¢ per mile
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