Newsline

ACCA Hails IRS Ruling On Depreciation

Paul Stalknecht
WASHINGTON - The Internal Revenue Service (IRS) finalized a rule allowing contractors to write off greater amounts of money spent on service vans and light trucks. The permanent change permits full expensing under Section 179 of the IRS tax code by exempting depreciation of vans and light trucks under Section 280F.

According to the Air Conditioning Contractors of America (ACCA), the ruling will benefit contractors. "Because light trucks and vans make up a majority of fleets of HVACR contractors, this is fantastic news for our industry," said ACCA president and CEO Paul T. Stalknecht.

To qualify for the extended depreciation, the vehicles must be modified to meet business needs, such as outfitting with ladder racks or a company logo. Trucks and vans straight off the lot do not qualify.

The change is effective retroactive to July 7, 2003. ACCA encourages members to consult with their company's accountant regarding these changes. For additional information, contact ACCA's director of government relations, Chris Brown, at 703-824-8841 or chris.brown@acca.org.

Publication date: 08/02/2004

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 AHR Expo

Photos from the 2015 AHR Expo at McCormick Place in Chicago.

Posted: February 19, 2015

Podcasts

NEWSMakers: Andy Patron
Andy Patron, partner with FMI Corp., discusses the impact a national labor shortage may have on the mechanical contracting industry. Posted on March 27.
More Podcasts

ACHRNEWS

NEWS 03-23-15 cover

2015 March 23

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

HVAC Trends

The NEWS regularly reports on HVAC industry trends in our weekly issues. What trends do you see?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con