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You may be able to expense up to $125,000 for Mitsubishi Fuso medium duty commercial trucks purchased and put in service in 2007.
Logan Township, NJ — Tax incentives in effect for tax year 2007 may allow you to deduct the full value of a new commercial truck or trucks placed in service during the tax year.
Internal Revenue Code, Section 179 (IRC 179) generally allows you to immediately expense certain capital equipment instead of depreciating it over time. The maximum capital purchase you can elect to deduct as an expense for 2007 has been set at $125,000 for qualifying property ($160,000 for qualified enterprise zone property and qualified renewal community property). The asset must be placed in service in the tax year in which it is deducted.
The deduction is applicable to a wide range of capital property, including commercial trucks with a gross vehicle weight rating of over 6,000 lb. There are limitations based upon the amount of qualifying property placed in service during the year and based on taxable income derived from the active conduct of trades or business.
MFTA is not providing tax advice. Please consult your tax advisor for details on how this can apply to your situation and to investigate other tax incentives for capital purchases.
About Mitsubishi Fuso
Headquartered in Logan Township, NJ, Mitsubishi Fuso Truck of America, Inc., is a subsidiary of Mitsubishi Fuso Truck & Bus Corporation, Tokyo, part of Daimler’s Commercial Vehicle Division (CVD). MFTA markets a complete line of diesel-powered, medium-duty cabover trucks through more than 185 dealer locations throughout the United States and Canada. Currently, there are more than 80,000 Mitsubishi Fuso standard, 4-wheel-drive and crew cab trucks in use in the U.S. and Canada, fulfilling the transportation needs of a wide variety of businesses and industries, including beverage, refrigerated and dry cargo delivery fleets, vehicle recovery, towing, pest control, plumbing, light construction and landscaping.
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