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TAX BREAK FOR BIG SUVs MAY DIE TODAY

October 11, 2004

Today may be the last day for the $102,000 maximum Section 179 deduction for SUVs.

The Senate is scheduled to vote on the ETI repeal bill at 11:00 am (Central Time) today. The bill contains a provision to trim the maximum Section 179 deduction for SUVs to $25,000. The new limit will apply to vehicles "placed in service" on the day after the bill is signed by the President. If the President signs the bill today, SUVs delivered tomorrow and later will be subject to the $25,000 limit.

The Senate voted yesterday to end an attempted filibuster on the bill, 66-14. Under Senate rules, that means the oppenents of the bill can't put off a vote after today.

Tax Analysts current coverage is here. For our prior coverage, go here, here, and here, or just scroll down.

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