Tax Breaks For Hummer Buyers — #10

Post #10 by spacefreak

Source Forum	MacNN
Category	Hardware
Post Date	Thu, 1 Jan 2004 - 10:26
Original URL	https://web.archive.org/web/20050515015433/https://forums.macnn.com/showthread.php?t=195230

Post

Quote:

Originally posted by Gankdawg:
Tax break for personal use Hummers = wrong. As previously mentioned, if emergency services bought them, would agree with a small break.

The tax break is not for personal use - it's for businesses. And it's not just for Hummers. It's any vehicle classified as a truck (as determined by weight).

Quote:

The deduction for business owners, approved in May by President Bush as part of his federal tax-cut package, gives a deduction of up to $100,000 for new or used vehicles that weigh more than 6,000 pounds

Businesses could always write off truck purchases. The difference this year is that the tax break allows a business to write it off all at once, instead of spreading it out over multiple years. And if a business doesn't have a significant profit that places it in the highest tax bracket, the tax break will not help them.