Trucking companies (like many other industries) have historically been at the mercy of Congress to patch the expiration or decrease of important tax deductions. This year however, Congress provided much needed certainty to several key provisions for companies looking to expand their fleets or make other capital purchases.
The more salient provisions, which can help trucking companies maximize deductions for truck and equipment purchases, include:
- Section 179 expensing limitation was made permanent at $500,000 for 2015, previously at $25,000, and is indexed for inflation thereafter.
- Bonus first-year depreciation was extended through 2019.
Companies are now able to implement a capital asset plan with more certainty around the availability of deductions. For more information on tax issues in the transportation industry, contact Joe Demko.