Home   Extranet   Products   Locate Distributor   Locate Service   FMSOnline   Support   Worldwide   Company   News & Events

Gilbarco Veeder-Root and Patriot Capital Announce Economic Stimulus Leasing Program

Gilbarco Veeder-Root and Patriot Capital Announce Economic Stimulus Leasing Program

Section 179 Deduction and Bonus Depreciation Provide Investment Opportunity for Retailers
 
GREENSBORO, N.C. – June 24, 2008 –   Gilbarco Veeder-Root and Patriot Capital are now combining two of the biggest tax benefits offered to the industry -- the Enhanced Section 179 deduction and Bonus Depreciation -- with a special finance lease program that saves retailers money and delays all payments until 2009.

“This is the right time for retailers to upgrade their technology and capture these tax benefits,” said Richard Browne, vice president of marketing, North America, for Gilbarco. “New Payment Card Industry requirements for accepting debit at the dispenser and POS end of life mandates from the networks will require retailers to upgrade or replace equipment anyway. In addition, investments driven by regulated Vapor Recovery and Leak Detection upgrades and the opportunity for new merchandising and color screen technologies, such as Applause™ Media System, make this an especially good time to invest in new technology.”

The Enhanced Section 179 of the IRS Code may allow retailers to expense the cost of eligible property, purchased and installed in 2008. Recent changes to the code increased the maximum amount that retailers can write off in a single year to $250,000 of the equipment value acquired in 2008.

Under the Bonus Depreciation provision, a depreciation deduction of 50% of the cost of the property can be taken in the first year. There is no phase-out or income cap under this provision. This makes the deduction an attractive option for all retailers who want to update their sites or build new ones.

Eligible property includes:
•    Gasoline storage tanks and pumps at retail service stations
•    Storage facilities (except buildings and their structural components) used in connection with distributing petroleum or any primary product of petroleum
•    Off-the-shelf computer software, including Gilbarco’s Passport® point of sale system

The leasing program for Gilbarco Veeder-Root equipment, through Patriot Capital Corporation in Atlanta, allows retailers to finance Gilbarco equipment in 2008 to take advantage of the stimulus package and delay payments until 2009.

Section 179 of the IRS code may allow a sole proprietor, partnership, or corporation to fully expense tangible property in the year it’s purchased. Taxpayers must elect to take the deduction on IRS Form 4562 in the year the property is first placed in service. Retailers should consult with their tax adviser for full details.

Click below to review the official IRS website on this subject:
http://www.irs.gov/publications/p946/ch02.html

Click below to contact Patriot Capital Corporation about the leasing program.
http://www.patriotcapitalcorp.com or call (877) 527-0383.

Contact Us | Danaher Corp | Veeder-Root | Gasboy | Privacy | Legal | Site Map

Copyright © 2007 Gilbarco Inc. All rights reserved. Unauthorized duplication prohibited.