Tax Loophole Benefits Drivers of SUV's - KLTV.com - Tyler, Longview, Jacksonville |ETX News

11/9/03 - Tyler

Tax Loophole Benefits Drivers of SUV's

A new tax loophole is saving drivers of SUV's thousands of dollars.  It's called the SUV tax loophole and it is part of President Bush's most recent tax plan.  The break calls for an increase in the business equipment tax break from $25,000 to $100,000 for one time deductions. 

The only stipulations are the equipment must be used for work and must have a gross weight of 6,000 lbs or more.  The incintive was created to stimulate more purchasing by small business owners, but many are using the loophole to purchase large SUV's and trucks.  Randy Eskelson is one of those.  He is the division president of a local insurance company and owner of a new Hummer H2.  He said if the loophole's there why not take advantage of it.


"As long as you're living within what the law tells you to do and the taxes you've got to use the benefits that are given to you. I don't believe we're cheating any system."
SUV's make up about 5% of the U.S. car market. Accountants we spoke with say if you are interested in the deal, speak with them and they can tell you if you qualify.

Chris Gibson, reporting
cgibson@kltv.com
 

Powered by Frankly