Luxury SUV tax loophole to be closed

Lawmakers have finally make a good decision and plans to eliminate part of the tax code that allows business owners to write off vehicle purchases. Yes the small farmer will still be able to write-off a Ford Super-Duty truck, but a doctor won’t be able to list his new Escalade or Hummer as a work necessity. The seemingly simple idea wasn’t thought of when it was first passed as part of a $330 billion tax cut in 2003. The bill must pass through the House & Senate before it can be signed into law by the President. Whoever that might be in less than a month.

By dave.thomas@weblogsinc.com
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Lawmakers have finally make a good decision and plans to eliminate part of the tax code that allows business owners
to write off vehicle purchases. Yes the small farmer will still be able to write-off a Ford Super-Duty truck, but a
doctor won’t be able to list his new Escalade or Hummer as a work necessity. The seemingly simple idea wasn’t
thought of when it was first passed as part of a $330 billion tax cut in 2003. The bill must pass through the House
& Senate before it can be signed into law by the President. Whoever that might be in less than a month.