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Tax file: Faster write-offs for some trucks

Published Thursday, March 01, 2007

Some truck buyers may get a larger tax write-off in 2007, thanks to a bill increasing the minimum wage. At press time, Congress was nearing agreement on a package of tax relief for small businesses to add to the wage-hike legislation. President Bush is expected to sign the bill if it includes small-business tax help. One provision would bump up the amount of expensing, or immediate write-off, allowed on equipment purchased in 2007 to $125,000 from $100,000 under current law. Taxpayers could claim this write-off if they buy a total of $500,000 of equipment or less in 2007.

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