While the Obama Administration is pushing for a 62-mpg CAFE regulation, promoting small, green cars, the IRS has a plan to get owners of businesses behind the wheel of a gas guzzling behemoth.

In what appears to be a plan to stimulate the economy, the IRS has announced new tax rules for companies that make buying a big truck a more economically feasible decision. New tax deduction rules improve the more you spend, and even go up if you’re truck of choice weighs over 6,000 lbs.

So if you are looking at buying a big truck, like a Cadillac Escalade or Infiniti QX56 (above), the new rules will let you deduct 100% of the car’s value in the first year (subject to a personal use disallowance – essentially meaning it has to be used exclusively for work). The amount of depreciation that can be deducted also varies on the cost of the vehicle, with more expensive machines paired with much more significant deductions. According to figures in the Wall Street Journal, for any vehicle under 6,000 lbs and the first year depreciation deduction is $11,060, but the deduction for following years is much more significant for more expensive vehicle, with a $4,900 second year deduction for a vehicle over $31,000 compared to a $3,200 deduction for a vehicle costing under $20,000.

While this move by the IRS does seem to go against a push for fuel efficient cars by the government, there is an economic policy behind it, helping to promote purchases of large trucks by businesses. The new rules apply to vehicles bought after Sept.8 2010 and up until Jan. 1, 2012.

[Source: WSJ]

See a list of 2011 model year trucks that apply for the bonus credit, as compiled by GMI, after the jump:

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Ford is planning an independent rear suspension (IRS) for the next-generation Mustang. Due out in 2014, this next model will celebrate 50 years of the iconic pony car.

The news comes from Motor Trend after discussions with several Ford execs and one unnamed company insider. It is also based on several assumptions, which include the fact that a new global independent rear end platform is in the works after Ford canceled plans for a different rear-drive independent platform that was to underpin the Mustang, next generation Ford Falcon (in Australia) and an upcoming Lincoln model.

A new Mustang-based IRS platform would mean that the Falcon and Lincoln models would be canceled – which Ford has indicated is already the case for the Falcon, a model that has seen sales slum considerably over the past several years.

In order to make a new IRS platform affordable, Ford would have to take the Mustang global. While this does meet with Ford’s new One Ford approach for global platforms, in our recent discussions with Ford marketing boss Jim Farley, he indicated that the Mustang wasn’t likely to ever become a global seller.

Many of the details are still unclear and the report suggests the next Mustang may simply be an evolution of the current car or that it may go in two other very-different directions. The first would be along the lines of the BMW M3, shrinking the size of the car and using a twin-turbo EcoBoost V6. The second would be to take the car to an almost exotic level and take on cars like the Nissan GT-R.

[Source: MotorTrend]

Photo Courtesy whitehouse.gov

While President Barak Obama’s press conference on what his administration is doing to solve the crisis in the U.S. auto industry focused mostly on helping out General Motors and Chrysler, he did give brief mention of a few initiatives aimed at jump-starting car sales at the consumer level.

Two main programs were discussed, including a scrappage program and tax deductions.

President Obama said that he will be looking into ways to see if there is any money to set aside in a fund to create a scrappage plan. While no specifics were given as to the details of the plan, usually these programs give consumers a significant rebate on the purchase of a new car when they trade in or “scrap” their old car. Often cars must be close to 10 years of age to qualify.

A similar program was launched in Germany several months ago with resounding success, boosting car sales by 21 percent in February over the previous period a year earlier. President Obama said that such a plan in the United States could increase car sales by as much as 100,000 units in 2009.

It is not clear if the scrappage plan would apply to just GM and Chrysler products, or to any vehicle manufactured within the United States, or to any vehicle at all.

The second incentive would allow for tax paid on a new car to be deducted from one’s income tax. This program is further developed as President Obama said his administration has already begun working with the IRS. A specific time frame has also been given that would seen the tax deduction apply to any vehicle purchased between February 16th and December 31st of this year.

The scrappage plan, once it goes into effect, would be retroactive as of today.

Thanks to a new low emissions diesel engine, BMW models equipped with the twin-turbo 3.0-liter diesel inline-six motor will qualify for a tax credit, valued at up to $1,800.

The Advanced Lean Burn Technology Motor Vehicle Tax Credit has just been confirmed by the IRS, and is awarded to vehicles that burn significantly less fuel and produce less greenhouse gas emissions. The credit applies to the new 335d and X5 xDrive35d models and is valued at $900 and $1,800 respectively.

“Qualification for these tax credits is further recognition of the remarkable efficiency of our new BMW Advanced Diesel models,” said Jim O’Donnell, President of BMW of North America, LLC.

The 335d and X5 xDrive35d share BMW’s high-performance, BluePerformance twin-turbo 3.0-liter inline-six diesel motor that makes 265hp and 425 ft-lbs of torque. Thanks to all that power the 335d can hit 60 mph in just 6.0-seconds and the X5 xDrive35d will do the same sprint in just 6.9-seconds.

Despite the performance figures the 335d gets a modest 23 mpg in the city and an incredible 36 mpg on the highway! The diesel X5 is slightly less impressive (although still great for an SUV) with a city/highway rating of 19/26 mpg.

See the AutoGuide complete reviews of the 335d and X5 xDrive35d here:

BMW 335d

BMW X5 xDrive35d

Official release after the jump:

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