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Taxes

Bipartisan Federal Excise Tax Repeal Bill Introduced

Representatives Doug LaMalfa (R-CA) and Collin Peterson (D-MN) have introduced a bill, H.R. 2381, that aims to repeal the federal excise tax and was applauded by several truck dealer associations that have been actively pushing for its removal.

Voters Turn Away Fuel, Energy Taxes in Several States

Voters in Missouri, Utah, and Washington rejected state ballot measures on Tuesday that would have added new taxes on fuel or energy use by fleet vehicles, while California voters elected to keep increased fuel taxes in place to fund the state's infrastructure.

Businesses Can Expense Up to $500K in Truck Purchases

The U.S. Internal Revenue Code, Section 179 (commonly referred to as IRC-179) allows businesses to expense up to $500,000 in the tax year 2017 for certain capital expenditures, including commercial work trucks.

Section 179 Deduction Reinstated at $500,000

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) permanently sets the Section 179 cap at $500,000. Section 179 allows businesses to deduct the cost of certain new and used property, including certain motor vehicles.

GM Supports Section 179 Deduction Reinstatement

Section 179 allows a taxpayer to deduct the cost of certain types of property on their income taxes. The petition aims to reinstate the Section 179 deduction at $500,000 for 2015. Currently, it has fallen to $25,000.

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