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Bill Proposes Incentives For Vehicles With Advanced Safety Technology

August 4, 2004

Proposed legislation entitled the "Intelligent Vehicle Highway Safety Act of 2004" will provide tax breaks for buyers of safety-related advanced technology devices such as Lane Departure Warning systems, according to news reports last week.The bill, HR-4931, sponsored by Congressmen Phil Crane (R-IL), Mike Rogers (R-MI) and Sandy Levin (D-MI), would make Intelligent Vehicle Technology (IVT) more affordable to the average consumer, as well as commercial vehicle owners.Taxpayers would be able to take a deduction of up to $1,000 on their income tax related to the cost of qualified IVT options. In addition, commercial truck purchasers would be able to exclude up to $5,000 of IVT costs from the Federal Excise Tax. Aftermarket installation of these technologies would also be eligible. "Research has shown that just one of these technologies, such as lane departure warnings systems, can address as much as 44% of total traffic fatalities," said Jack Johnson, CEO of Iteris, Inc. and a member of the IVT coalition steering committee, in a statement. "Every year, over 5 million vehicles are involved in accidents with about 42,000 deaths on our highways. The comprehensive cost of these accidents is more than $400 billion per year."
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