New equipment placed in service by December 31, 2004, qualifies for “50% bonus depreciation.” In other words, you can write off 50% of the cost immediately and take regular depreciation on the rest. However, it's not enough to place the order or pay for the equipment by year-end; you must take delivery and put it to use. That could be a problem with some Class 8 trucks, however. OEMs have so many orders on the books they may not be able to deliver everything by the deadline. Congress might extend the deadline, but it will probably be late in the year before any tax legislation becomes law.