Section 179 didn't get nicknamed the Escalade deduction for no reason...
points out that all SUV's turn out to be fully deductible in the first year, with the exception of the Hummer H1 (an expensive little bugger at $110,000. Only $106,000 is deductible under Section 179 and other allowances).
The Hummer H2 at $50,590 (all 8,600 pounds of it!) is fully deductible, as are all other SUV's. The link lists other SUVs and trucks that qualify.
Be careful of the recapture clause however summarized below:
Watch for a Hidden Pitfall in the Section 179 Deduction
If you made several equipment purchases for your business this year, you should know about the Section 179 deduction that allows you to immediately expense up to the entire cost of the assets you purchased (limited to $100,000 for 2003). But beware of a hidden pitfall within Section 179 — the recapture rule.
If a deduction eliminates money from your income, a recapture puts it back — and then you owe taxes on that unexpected income. But why would you be forced to recapture the money you deducted, using Section 179?
You must recapture your original Section 179 deduction if:
* Your business use of an asset drops below 50% for whatever reason. (Perhaps you disposed of it or converted it to personal use).
* This event occurs within the asset's recovery period (the length of time it will take you to get back the full cost of the asset through the deductions for depreciation). Defined by the IRS, a particular asset's recovery period may be as short as three years for certain farm equipment and rent-to-own property, or five years for computer hardware) and as long as seven years (most office equipment, phones, and general tools).
Wonder why I know this stuff....