Posted on 10/07/2004 2:24:19 PM PDT by ChuckShick
Lawmakers are looking to trim tax break for small business owners to $25,000 from $100,000.
October 7, 2004: 1:14 PM EDT WASHINGTON (Reuters) -
Congressional negotiators closed a controversial tax loophole on Wednesday that allowed small business owners to write-off the full cost of the biggest and most expensive sport utility vehicles. The auto deduction is part of a long-standing tax provision covering depreciation of business expenses.
It was originally intended for farmers and construction workers who need heavy duty vehicles to haul goods and materials. Lawmakers expanded the popular write-off from $25,000 to $100,000 last year and lifted depreciation schedules to enable taxpayers to take the deduction all at once.
This created a huge incentive for anyone running their own business to buy big SUVs, which have skyrocketed in popularity.
(Excerpt) Read more at money.cnn.com ...
Depends on the curb weight..wish I still had the site that listed the vehicles approved. Someone might have it.
Ah, that was fast! Thanks!
Couldn't leave you with that cliff hanger. ;) yw
Porsche Cayenne Turbo is the one to get to really piss off the whiners.
When will the rollback take affect, next year? Can I still buy my vehicle before the end of the year and qualifyfor the full deduction?
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