WASHINGTON DC – The Intelligent Vehicle Highway Safety Act 2004 Bill, recently introduced in Congress, will allow buyers of passenger cars and commercial trucks to set against tax the purchase of safety related advanced technology devices such as Lane Departure Warning systems. The incentive is expected to encourage widespread deployment of these technologies.
American taxpayers will be able to deduct up to $1,000 from their income tax related to the cost of qualified IVT options. In addition, commercial truck purchasers would be able to exclude up to $5,000 of IVT costs from the Federal Excise Tax. Aftermarket installation of these technologies would also be eligible.
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