Depreciation of Light Trucks and Vans
Sen. Christopher Bond (R-MO), Chairman of the Senate Small Business Committee, is urging the IRS to exempt any truck or van from the limitation on depreciation deductions otherwise imposed on businesses under section 280F(a) of the Internal Revenue Code. In his letter to the IRS, Bond says the Treasury Department has the authority to exempt any truck or van from these depreciation limitations. When the department develops guidance on the matter next year, Bond is urging them to make the exemption as simple and straightforward as possible. He also asked that the rule cover as many light trucks and vans used in business as possible. Bond maintains that a broad rule will benefit more small firms by eliminating the depreciation limitations, burdensome calculations, and record keeping imposed by section 280F.