The Internal Revenue Service (IRS) has taken partial action to respond to a request from the National Association of Fleet Administrators (NAFA) to adjust the depreciation limits on trucks and vans. On July 3, the IRS issued temporary and proposed regulations to exclude certain trucks and vans from the depreciation limits on luxury vehicles. The exclusion is narrow and would apply to utility vehicles and delivery vans with seating limited to the driver.

Originally posted on Fleet Financials