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ETI REPEAL SIGNED - TODAY IS LAST DAY FOR BIG SUV DEDUCTION

October 22, 2004

The President this morning signed HR 4520, the American Jobs Creation Act of 2004. It will certainly create work for those of us who charge for tax advice by the hour.

The reduction of the maximum Section 179 deduction for business-use sport utility vehicles is therefore effective tomorrow. If the SUV is placed in service after today, the maximum Section 179 deduction is $25,000.

Keep in mind that it has to be an SUV more than 50% in your business. Also, the SUV has to go into service today. An order today for delivery tomorrow will be too late.

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