House bill could give fleets tax incentives

| 7/27/2005

A bill currently being debated in a House subcommittee could provide tax incentives for owner-operators and trucking companies looking to modernize their trucks.

Rep. J.D. Hayworth, R-AZ, introduced the bill – HR3301 – which would allow truck buyers to depreciate the full purchase price of a new truck, and give a 5 percent investment tax credit for 2007 model-year engines, in order to help lower truck emissions.

Larry Van Hoose, press secretary for Hayworth, said the bill is designed to benefit all truck owners – not just large fleet owners.

“It pertains to anyone – any purchaser – of a Class 8 engine, with no regard whatsoever for fleet,” Van Hoose said.

The measure is nearly identical to the Smith-Gordon amendment, which was drafted into the Energy Bill, but was never presented on the floor.

The energy bill is currently before a joint conference committee, and a final version is expected to be on President Bush’s desk for a signature by Aug. 5. Hayworth’s bill was referred to the House Ways and Means Committee on July 14.

– By Aaron Ladage, staff writer