When Can I Deduct Rental Car Costs on My Income Tax?
- By Adrianna Norton
- Published 08/7/2011
The Coalition against Discriminatory Car Rental Excise Tax has been formed to try if possible regulate the impost ion of these taxes. In more than forty of the states in America there one hundred and fourteen different kinds of taxes that are associated with truck and car rentals. Back in the 90's there were less than 11 of these taxes.
There was for a while a hold on tax imposition of twelve and a half percent in Maine. The coalition, the car rental companies and the drivers of the rented cars were kept happy for a time.
Taxes on rented cars reach limits of 20% and large corporate companies are paying the government as much as $5 million each and every year in the way of taxes imposed on car and truck rentals.
Cities are unable to fulfill budgetary requirements on the money that they have at their disposal. This is the reason for the drive to increase taxes on car rental companies. This whilst not the fault of the car rental companies has infuriated the car rental companies. They are perceived by the public to be in the business of tax collection and sales have plummeted due to rising costs as a result of the taxes imposed by the legislation. Less than four years ago the Coalition against Discriminatory Car Rental Excise taxes was formed. At the time it comprised of 8 of the leading car rental companies and also included the National Business Travel Association. The main function of this coalition is to control the impost ion of taxes and to keep consumers informed and knowledgeable about matters pertaining to taxation on truck and car rentals.
When you hire a car in New Jersey the tax levied is five percent of the rental price of the car. This is in addition to the $5 they are already charged every day.
Avoid Wisconsin at all costs if you wish to rent a car there. They will charge you close to $20 when you wish to rent there. They claim they must fund a transit project.
Michigan are adding to drivers of rented cars woes by imposing additional taxes of $2.50. It seems as if your money is not safe no matter where you wish to rent a car.
In order to allow commuters better railway facilities the state of Florida want to increase taxes by half the current amount.
The feeling amongst the legislators is that this tax is justified and necessary. People on the ground tend to differ with these sentiments.
The recession has done major financial damage to America and they are currently unable to fund important and necessary projects.
The answer to the question "can I deduct car rental costs on my income tax" places more strain on the government as now this rebate now has to be sourced from other areas.
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