In Revenue Procedure 2019-26, the IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019.
Passenger automobiles include trucks and vans. The amounts in the revenue procedure are inflation-adjusted as required by Section 280F(d)(7) of the Internal Revenue Code, using the automobile component of the chained consumer price index for all urban consumers (C-CPI-U). The earlier consumer price index was replaced by the C-CPI-U by the law known as the Tax Cuts and Jobs Act, P.L. 115-97.