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Big truck tax breaks

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May 30, 2003

Albany--You may soon see a lot of small business owners driving new SUV's or large pick up trucks. In the new tax package, Congress quadrupled the deduction on small business equipment purchases, including trucks.

Many people will be taking advantage of this tax loophole, big enough to drive a SUV through.

Keith Norton needs a good truck for his business. As owner of Norton Construction, not only does he use it as a saw horse, but to haul all his equipment from job to job. Norton says being able to deduct the full cost of a new truck from his taxes this year gets his attention. "I would definitely think about that . It gives the small business person an incentive and a little break in order to improve his business."

The new business equipment tax break increases the deduction to $100,000 for small businesses to buy any vehicle over six thousand pounds. That includes most full size trucks and SUV's. The full purchase price is deducted the first year.

A $30,000 truck for someone paying the top tax rate would save at least ten thousand dollars on their final tax bill.

C.P.A. Joel McDowell of Draffin and Tucker said "Most people, if they are buying equipment each year anyway, it will be an enticement to go out and purchase it sooner. To go ahead because they can see the actual tax savings." Draffin and Tucker partners also take advantage of this tax saving, and plan to purchase new vehicles.

 Wallace Chevrolet hopes lots of other businesses do too. Sales manager Buddy Carver said "Any time they come buy something is a good idea. Anything that will make folks come out and help out, that's a good idea."

The whole idea of the tax break is to spur buying, and energize the economy. Norton knows that's a good thing. "Anytime I can get some help, I'll take it."

The new tax provision means real estate agents, lawyers, doctors, anyone who files a Schedule "C" or corporate tax return, can write off the entire cost of virtually any big Sports utility vehicle.

 The potential tax savings in the top bracket is $35,000.

posted at 3:04PM by jimw@walb.com