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2008 Economic Stimulus Act |
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The Economic Stimulus Act of 2008 increases the limits of a tax deduction for eligible new SUV purchases above 6,000 GVW placed in service by December 31st, 2008. Act quickly though, as this tremendous tax saving opportunity only applies to new Lexus GX 470 or LX 570 purchases before year end.
Examples (respectively):
Lexus GX 470 MSRP $56,000 / Lexus LX 570 MSRP $84,000
Cost of vehicle - - - - - - - - - - - - - - - - - - - - - - - - - - - - - $56,000 / $84,000
Section 179 Depreciation - - - - - - - - - - - - - - - - - - - - - $25,000 / $25,000
Bonus Depreciation (50% of balance) - - - - - - - - - - - -$15,500 / $29,500
2008 Depreciation (Based on 5 year macrs method) - $3,100 / $5,900
Total 2008 Taxable Deduction - - - - - - - - - - - - - - - - - $43,600 / $60,400
The tax consequences set forth above are for illustration purposes only and Hennessy Lexus makes no representations or warranties concerning the accuracy of the illustration above. Prospective clients should consult with their individual tax advisors concerning the particular tax consequences to them under the 2008 Economic Stimulus Act, the Internal Revenue Code, and other applicable law.
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