While it is possible to assign the IDENTITY property to a column defined as a decimal (or numeric) type, you are forced to define the identity increment using a size value of 0, meaning that only integer values of this decimal column will be assigned as identity values.
You are making a big mistake attempting to assign meaning to an identity column beyond the fact that the identity property guarantees unique values automatically assigned by the system when a row is inserted. I think you are attempting to attach some other meaning to this key by assigning fractional values. Perhaps something like a version number or assembly part or something?
Create instead a separate column for this part number/product assembly identifier or whatever it is and don't confuse it with an identity value. Manage it in your code or via a trigger as others have suggested.
Jeff Mason
Custom Apps, Inc.
www.custom-apps.com