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ARTICLE · 14 DECEMBER 2016

2017 Projected Luxury Vehicle Depreciation Caps

Brown Smith Wallace
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Based on inflation factors now available, the annual "luxury vehicle" depreciation caps for use in connection with vehicles first placed in service in calendar year 2017 can be projected.

United StatesStrategy
Allison L. Jasper, CPA
Allison L. Jasper, CPA
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Based on inflation factors now available, the annual "luxury vehicle" depreciation caps for use in connection with vehicles first placed in service in calendar year 2017 can be projected. Most caps remain the same as for 2016. Also, as computed by Wolters Kluwer, the projected maximum fair market values (FMVs) to be used in 2017 are available for use in the cents-per-mile method for determining the fringe benefit value of the personal use of employer-provided vehicles. Those values have also held steady or, for trucks and vans, have gone up slightly from 2016 amounts.

Computations under Internal Revenue Code Sec. 280F call for use of the "new cars" and "new trucks" components of the October 2016 Consumer Price Index, Urban (CPI-U) that were released by the Bureau of Labor Statistics on November 17, 2016.

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