WASHINGTON, D.C. -- The Internal Revenue Service has issued a Revenue Procedures that provides limitations on depreciation deductions for passenger vehicles first placed into service in 2007, according to the National Association of Fleet Adminstrators (NAFA). IRS Rev Proc 2007-30 provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2007, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2007, including a separate table of inclusion amounts for lessees of trucks and vans. For passenger automobiles subject to the limitation and placed in service in 2007, the maximum amount of allowable depreciation is $3,060 for the year in which the vehicle is placed in service, $4,900 for the second year, $2,850 for the third year, and $1,775 for the fourth and later years. For trucks and vans subject to the limitation and placed in service in 2007, the maximum amount of allowable depreciation is $3,260 for the year in which the vehicle was placed in service, $5,200 for the second year, $3,050 for the third year, and $1,875 for the fourth and later years. The IRS document is available at www.irs.gov/irb/2007-18_irb/ar11.html/.