H.R. 2715, To amend the Internal Revenue Code of 1986 to include heavier vehicles in the limitation on the depreciation of certain luxury automobiles

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 2715 would amend the Internal Revenue Code of 1986 to include heavier vehicles in the limitation on the depreciation of certain luxury automobiles.

Detailed Summary

Amends the Internal Revenue Code to revise the definition of "passenger automobile" for purposes of the limitation on depreciation for luxury automobiles to mean any four-wheeled vehicle which is: (1) primarily designed or used to carry passengers over public streets, roads, or highways; and (2) rated at 14,000 pounds unloaded gross vehicle weight or less. Adds an exemption from such definition for certain vehicles with open cargo areas which are designed for more than nine individuals in seating rearward of the driver's seat.

Status of the Legislation

Latest Major Action: 6/14/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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