IRS Publication 946 — How To Depreciate Property
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“Electric Vehicles The maximum depreciation deductions for passenger au- tomobiles that are produced to run primarily on electricity are higher than those for other automobiles. The maxi- mum deduction amounts for electric vehicles placed in service after August 5, 1997, and before January 1, 2007, are shown in the following table.”
To make the election, attach a statement to your timely filed return (including extensions) for the tax year in which you plant or graft the specified plant(s), indicating you are electing to apply section 168(k)(5) and identifying the specified plant(s) for which you are making the election. The election, once made, cannot be revoked without IRS consent.
See section 168(k)(5) of the Internal Revenue Code as in effect prior to amendment by section 70301 of P .L. 119-21.
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