Tools

03/06/2008

WHY BUY NOW: NAVISTAR PROVIDES ONLINE TOOLS TO HELP CUSTOMERS LEVERAGE NEW ECONOMIC STIMULUS PACKAGE

Category: Trucking News
Posted by: techman

 

 
 

 
 
FOR IMMEDIATE RELEASE
 
WHY BUY NOW: NAVISTAR PROVIDES ONLINE TOOLS TO HELP CUSTOMERS LEVERAGE NEW ECONOMIC STIMULUS PACKAGE
      Federal Government Makes it More Attractive to Buy Trucks in 2008

 
WARRENVILLE, Ill. (March 6, 2008) – The federal government has made it more attractive to purchase commercial trucks in 2008. The Economic Stimulus Act of 2008 increases the depreciation provision for new truck purchases in 2008 from 30 percent to 50 percent.
 
This “bonus depreciation” will reduce a buyer’s 2008 federal business tax liability by thousands of dollars for each new truck placed into service during the year. Navistar Truck Group has developed an online destination to learn more and share information about the benefits of this new law at www.InternationalTrucks.com/TaxSavings.
 
“Our commitment to the customers doesn’t end when they drive their International truck off of the dealer’s lot,” said Dee Kapur, President Navistar Truck Group “We think of ourselves as a business partner for our customers, not only making sure their trucks are properly spec’d and continually serviced, but providing them with any additional support they need to succeed.”
 
Learning more about the bonus depreciation could help truck customers generate more cash flow in 2008.
 
To qualify for bonus depreciation, the new truck purchase must satisfy the following four criteria:
  • The truck must have a recovery period of 20 years or less under normal tax depreciation rules
  • The original use of the truck must commence with the taxpayer seeking to claim the deduction
  • The truck generally must be acquired during 2008 and no written binding contract for the acquisition must have been in effect before 2008
  • The truck must be placed into service during 2008 (or, in certain limited cases, 2009)
 
If a new truck purchase meets these requirements, the owner is entitled to deduct 50 percent of the adjusted basis of the property in 2008. The remaining 50 percent of the adjusted basis of the property is depreciated over the ordinary tax depreciation schedule.
 
 
About Navistar
Navistar International Corporation (Other OTC: NAVZ) is a holding company whose wholly owned subsidiaries produce International® brand commercial and military trucks, MaxxForce™ brand diesel engines, IC brand school buses, and Workhorse brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine parts and service. Another wholly owned subsidiary offers financing services. Additional information is available at www.Navistar.com.
 
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