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Taxes

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.

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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.

Fuel Tax Hike Unlikely, Says Congressman Shuster

Rep. Bill Shuster, chairman of the House Transportation and Infrastructure Committee, said that one of his 2015 priorities will be a highway bill – but he does not expect it to be funded by a fuel tax increase, the AP reported.

Calif. Changes CNG/LNG Tax Measurement

At the start of 2015, the state will begin taxing compressed natural gas (CNG) and liquified natural gas (LNG) based on a per-pound rather than per-foot rate.

Va. Repeals Hybrid Vehicle Tax

Virginia's state legislators voted Thursday to repeal a $64 annual license tax on hybrid vehicles that was imposed a year ago.

Brazil to Reduce Vehicle Tax Breaks

The Brazilian government stated it will gradually roll back tax breaks on cars 2014, amid worries from producers that higher duties could hit sales in the South American country.