Apr 2 2004
Of those in favor of the new SUV tax break, the following reasons are given for their support of such legislation:
- It's a significant advantage for small, self-employed owners who are looking at upgrading their equipment, because the deduction is immediate.
- The write-off may help you get a new vehicle quicker than you thought you could.
- If you're planning to upgrade your company car, you may want to consider a larger SUV to capitalize on the write-off, because if you purhcase a passenger car, you will only be able to write off a small amount.
- If you own a small business, you could immediately deduct the entire price of some SUVs (like the Hummer H2, Lincoln Navigator, Toyota Land Cruiser) even if it's loaded with all of the available features.
- The Internal Revenue Service already permits small-business owners, including professionals, to deduct the first $25,000 they spend on an SUV purchased for business purposes. And the deal may even get sweeter if Bush's proposed Economic Stimulus Plan goes through.
- It's a tax break from the U.S. government that helps the small business owner.
- You can buy a new Chevy Suburban for about the cost of a two-door Saturn.