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Taxes

A tax reform bill signed by President Donald Trump on Dec. 22 is expected to spur economic expansion, bring off-shore corporate revenues back to the U.S., and help fleet management companies make decisions about their operations that aren't tax driven, fleet management company experts said.

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3 Calculations to Determine Personal Use Charges

It’s every fleet manager’s responsibility to develop a fair, equitable, but proper personal use charge policy. There are a number of ways to do so to make certain that both the driver and the company are treated fairly.

IRS Drops Mileage Reimbursement Rate

The Internal Revenue Service has lowered the deductible mileage rate to 54 cents per mile for business miles in 2016 down from 57.5 cents in 2015, the agency has announced.

Brazil to Reduce Vehicle Tax Breaks

The Brazilian government stated it will gradually roll back tax breaks on cars 2014, amid worries from producers that higher duties could hit sales in the South American country.

First-Year Bonus Depreciation Increased to 100 Percent

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) was signed into law by President Obama on Dec. 17, 2010. The legislation includes an extension of the Small Business Jobs and Credit Act of 2010's "bonus depreciation" allowance through the end of 2011, and increases that amount from 50 percent to100 percent. Here's what it means to fleets.

Biodiesel Tax Credit Must be Reinstated, Says NBB

LAS VEGAS - In the fifth month without the biodiesel tax credit, National Biodiesel Board (NBB) CEO Joe Jobe renewed his call for Congress to put Americans back to work immediately by retroactively reinstating the expired tax incentive.

Fleets are Facing an Era of Higher Taxation

In 2009, of every $100 spent on fleet, $5 was consumed by taxes. This compares to $4.10 in 2006 and $3 in 1983. The recession has caused sales and property tax revenues to plummet creating widespread shortfalls in government budget funding. States and other governmental jurisdictions are scrambling to find new ways to generate new tax revenues. Again, commercial fleets are in their cross-hairs.