Bill would allow tax credit for safety systems

Updated May 11, 2011

A House bill has been re-introduced that would allow truckers a tax credit for some advanced safety systems.

The Commercial Motor Vehicle Advanced Safety Technology Tax would provide a tax incentive for brake stroke monitoring, vehicle stability, lane departure warning and collision warning or mitigation systems.

It would create a tax credit for 50 percent of the cost of the system up to $1,500 and allow a $3,500 per vehicle maximum tax credit. The company could receive an annual maximum credit of $350,000.

The Motor & Equipment Manufacturers Association and Heavy Duty Manufacturers Association support the act, H.R. 1706.  Reps. Geoff Davis (R-Ky.) and Mike Thompson (D-Calif.) introduced the bill May 4, which was referred that day to the House Committee on Ways and Means.

Last year, the House and Senate each introduced the legislation, which was referred to committees.