Apparently there was an article in yesterday's Wall Street Journal, "Personal Journal" section about this. You need a subscription to view the whole article online but:
Highlights from the article:
Last week, the Senate Finance Committee quietly reduced to $25,000 the $100,000 a small-business write-off for Hummers, Ford Excursions and other large SUV's, amid criticism that the tax laws were promoting purchases of gas guzzlers.
The outlook for the SUV tax break is still hazy, as the House legislation doesn't contain a similar measure.
Under the $350 billion Bush tax cut enacted in May, small-business owners could write off $100,000 in the first year for the purchase of a vehicle for business use weighing 6,000 pounds or more. The "Section 179" expensing break, which lasts through 2005, was aimed at encouraging small businesses to invest in any new equipment.
"Small business" covers a wide swath of people, including doctors and real-estate agents, shopkeepers and manufacturers. Approximately 24 million Americans -- anyone filing a Schedule C or corporate tax return -- could be eligible for the $100,000 write-off when they buy a vehicle like the GMC Yukon, which weighs 6,500 pounds, or the slightly larger Ford Expedition, which is 6,900 pounds.
*^*&%$&^#%@%#@$%*&
- Dan
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SUT on order 12/02. 10 months down, 8 to go!
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10-10-2003, 10:22 AM
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