Novated leasing has primarily been contained to Australia due to a tax situation, but these leases provide three other specific benefits that could allow them to work in the U.S.
Fuel economy has been and will be the guiding force for change for the manufacturers as well as for our politicians for the near future.
The business mileage reimbursement rate for 2019 increased 3.5 cents to 58 cents on Jan. 1 after two years of minimal change, the Internal Revenue Service announced late last year.
In 2018, blog posts that covered a tax law change, the sale of Bobit Business Media, negligent entrustment, and the Mercedes-Benz Sprinter van ranked among the most viewed on AutomotiveFleet.com.
The recent U.S tax law changes created a problem for employers who use a non-accountable vehicle reimbursement plan. Negative feedback has some companies reconsidering the viability of offering company-provided vehicles to help key employees mitigate the adverse impact of eliminated tax deduction.
Differing country laws of the individual member states of the EU will continue to make taxation of company cars inconsistent and complex for the foreseeable future.
The Internal Revenue Service has increased the business mileage reimbursement rate to 54.5 cents from 53.5 cents for 2018. The new rate will go into effect on Jan. 1.
Congressional negotiators will spare a $7,500 federal tax credit that has supported sales of plug-in electric vehicles, which was put in place in 2008 and 2009 for plug-in and converted plug-in electric vehicles.
The state of California commissioned a report by CalTrans to look into the viability of a mileage-based tax on all vehicles to eventually replace the tax on fossil fuels.
A $7,500 federal tax credit that has fueled sales of plug-in electric vehicles in recent years could be eliminated if House Republicans can include the proposal in the tax cut bill now under discussion, reports Reuters.