2008 Reenactment of Bonus Depreciation Provision:
In 2008, Congress reenacted the Bonus Depreciation rules.  Under these rules, the purchaser of new aircraft who places the aircraft in service in 2008 can generally deduct over 50% of the cost of an aircraft in 2008.  The purchaser can also deduct the bonus depreciation in computing alternative minimum taxable income.

2009 Extension of Bonus Depreciation Provision:
Congress has now extended the Bonus Depreciation Provision through 2009.