Tax Credits for Safety Technologies
WASHINGTON, D.C. – Legislation has been introduced in the House of Representatives that would provide fleets a tax incentive for purchasing safety technology, according to NAFA Fleet Management Association.
H.R. 3820, the Commercial Motor Vehicle Advanced Safety Technology Tax Act of 2007, amends the Internal Revenue Code to allow a general business tax credit for 50 percent of the cost of placing in service any qualified commercial vehicle advanced safety system. A "qualified commercial vehicle advanced safety system" is defined as a manufacturer-certified brake stroke monitoring system, lane departure warning system, collision warning system, or vehicle stability system identified by the Federal Motor Carrier Safety Administration or the National Highway Traffic Safety Administration as significantly enhancing the safety or security of commercial drivers, vehicles, or passengers, according to NAFA.