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TAX POLICIES * USA
* DC - Congress Drops Tax Break for Truck Buyers
Washington,DC,USA -Transport Topics -21 Feb 2012: -- Congress last week declined to extend a tax break that was credited with dramatically boosting truck sales in 2011, but a Democratic lawmaker said the incentive could return later this year... President Obama’s proposed 2013 budget included the measure, which allowed businesses that bought new equipment in 2011 — anything from trucks and trailers to machines and computers — to depreciate 100% of the purchase price in that tax year... To stimulate investment and help manufacturers struggling in the latest recession, Congress raised the first-year depreciation break to 100% for purchases made between Sept. 8, 2010, and Dec. 31, 2011. On Jan. 1, the 100% single-year depreciation reverted to 50%, but businesses, truck makers and dealers are pressing Congress to extend the 100% break through 2012... The bonus depreciation has proved so popular that the U.S. Treasury estimated it will cost taxpayers $55 billion in the 2011 tax year, but Treasury officials said when the program began that taxpayers would recoup much of the loss in subsequent years when corporations do not have depreciation to write off...
Labels: tax policys
posted by Unknown @ 6:27 AM
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