MV Agusta F3 800 Ago Now Officially Debuts

We already announced the bike last November, and brought you a bevy of hi-res images of the special edition machine. Although now that we think of it, MV Agusta never released anything on this Giacomo Agostini tribute motorcycle — better late than never, right? Back at the EICMA show launch, where the MV Agusta F3 800 Ago was first shown to the public (and Agostini himself), the Varese brand promised us two additional motorcycle launches in early 2014. MV Agsuta made good on half that promise with the Dragster 800 model, hopefully this Ago special edition isn’t the other half of that statement, and MV Agusta still has something waiting in the wings. That being said, the Tricolore & Gold paint scheme is gorgeous, and looks even better in person.

Isle of Man TT Gets TV Deal for Australia & USA

Want to watch the Isle of Man TT from the comfort of your non-British TV, but haven’t been able to in the past? A new TV from the Isle of Man’s Department of Economic Development will do just that. Inking a new TV contract with North One TV, the Isle of Man TT will be televised in the American, Australian, and of course British markets, making it easier than ever to watch the iconic road race. With a five-year contract with the Velocity Channel in the US, the American cable channel will show seven one-hour race shows. Each segment will air within 24hrs of each race, and be tailored for the American market.

Castiglioni Denies Fiat Buyout of MV Agusta Is in the Works

After reporting 22% growth in Q1 2014, Giovanni Castiglioni had some closing words about the rumors that Fiat could acquire MV Agusta — a popular rumor that has been swirling around in the press the last two months. Denying outright that MV Agusta had, or was in, talks with the Fiat-Chrysler group about an acquisition (some reports linked even MV Agusta to being bought by Fiat-owned Ferrari), Castiglioni said the Italian company solely was focused on building growth, and building motorcycles. “Moreover, I’d like to take this opportunity to deny rumours circulated by the media over the last few days concerning supposed negotiations vis-à-vis the sale of a share of MV Agusta to the Fiat-Chrysler Group,” said Giovanni Castiglioni, the President and CEO of MV Agusta.

A 2WD Hybrid-Electric Motorcycle for the US Military?

In the coming years, US special forces may be riding a tw0-wheel drive, hybrid-electric, multi-fuel motorcycle co-developed by BRD Motorcycles and Logos Technologies. Helping make this project possible is a Small Business Innovation Research grant from DARPA. The goal is to make a single-track vehicle for US expeditionary and special forces that will be nearly silent in operation, yet also capable of traveling long distances. Details on the proposed machine are light, of course, but it sounds like the 2WD dirt bike will be based off the BRD RedShift MX (shown above), and use an electric drivetrain, as well as a multi-fuel internal combustion engine to achieve its goals.

Colin Edwards Will Retire from Racing after 2014 Season

Announcing his decision during the pre-event press conference for the Red Bull Grand Prix of the Americas, Colin Edwards told the assembled press that 2014 would be the Texan’s last season racing a motorcycle. Citing a lack of improvement on his performance in pre-season testing and at the Qatar GP, Edwards decision perhaps answers the lingering question in the paddock of when the American rider would hang-up his spurs after an illustrious career in AMA, WSBK and MotoGP. Talking about his inability to come to terms with the Forward Yamaha, which Aleix Espargaro was able to take to the front of the pack in Qatar, Edwards was at a loss when it came to understanding the Open Class machine and his lack of results.

MSF Updates Its Basic RiderCourse Curriculum

It is no surprise that statistics from the NHTSA show that motorcycle accidents and injuries are on the rise. According to the 2012 Motor Vehicle Crash report published by the NHTSA, motorcycle fatalities for that year rose to 4,957, up seven percent from 2011, while injuries increased 15% to 93,000. While the NHTSA statistics are misleading because the motorcycle category includes mopeds, scooters, three-wheelers, pocket bikes, mini bikes, and off-road vehicles, new riders need every advantage they can afford. The Motorcycle Safety Foundation has taken notice of these statistics and has revised the curriculum for its Basic RiderCourse to include a new Basic eCourse, which students will take prior to in-person instruction.

Yamaha Trademarks “R1S” & “R1M” at USPTO – “YZF-R1M” Trademarked Abroad – But Why?

Are new Yamaha YZF-R1 models coming down the pipe? That’s the question being asked after trademark filings in the US and abroad tipped off Yamaha Motor’s intention to use “R1S”, “R1M”, and “YZF-R1M” for motorcycle, scooter, and three-wheeled purposes. The filings are being taken as hints towards a possible multiple trim levels of the Yamaha YZF-R1 superbike, with the “S” and “M” designations being different spec machines than the current base model. The “S” nomenclature is a popular one in the two and four-wheeled world, though “M” would certainly be a novel designation, outside of say…BMW.

Bell & COTA Create Texas-Themed Limited-Edition Helmet

Continuing its theme of making limited-edition helmets for premier-class US rounds, Bell Helmets has teamed up with the Circuit of the Americas and Chris Wood, of Airtrix, to create a Texas-themed Bell Star Carbon helmet, just in time for COTA’s MotoGP race next weekend. Available only until April 13th, the Bell/COTA helmet features a red, white, and blue flag motif on the front, with both the American and State of Texas flags visible, which then wrap around the rear to merge with a hardwood design, reminiscent of the floorboards in a Western saloon. The helmet is also crowned with a Longhorn cattle skull, which adds to the Texan motif. The specially designed helmet also features a horseshoe, the COTA logo, and the 2014 Red Bull MotoGP of The Americas logo.

Aprilia Mounting a Return to MotoGP in 2016

Towards the end of the 800cc era, MotoGP looked to be in dire condition. Grids were dwindling, factories were reducing their participation, and teams were in difficult financial straits indeed. By the end of 2011, there were just 17 full time entries, Suzuki was down to a single rider, and were about to pull out entirely for 2012. How different the situation looks today. In a recent interview with the official MotoGP.com website, Aprilia Corse’s new boss Romano Albesiano gave a brief outline of their plans. The Italian factory will continue to work with the IODA Racing team for 2014 to collect data on the electronics and tires, which they will use as input on an entirely new project being worked on for 2016.

This Is Pretty Much What the Monster 800 Will Look Like

With the advent of the Ducati Monster 1200, it was only a matter of time before Ducati’s middleweight liquid-cooled “Monster 800″ would be spotted, and unsurprisingly the machines have a great deal in common. The one big difference seems to be that the 821cc Monster gets a double-sided swingarm, which has become Ducati’s new way of differentiating between its big and medium displacement models of the same machine, see entry for Ducati 899 Panigale. With the spied Ducati Monster 800 looking ready for primetime, and a pre-fall launch isn’t out of the question. Giving us an excellent glimpse into what the Ducati Monster 800 would look like, Luca Bar has again used his Photoshop skills to render up images of the still unreleased “baby” Monster.

Federal Stimulus Makes Motorcycle Purchases Tax Deductible

02/19/2009 @ 8:48 am, by Jensen Beeler3 COMMENTS

Federal Stimulus Makes Motorcycle Purchases Tax Deductible motorcycle showroom 560x359

The Federal stimulus package signed into law yesterday is laddened with initiatives designed to help boost our nation’s economy. None of these provisions, however, will affect the die-hard motorcyclist more than the provision, which allows motorcycle buyers to deduct the sales and excise taxes on their 2009 tax return. Yeah, you really just read that. If you buy a motorcycle under $49,500 and subject to certain restrictions, you can take the tax portion of the OTD price and subtract it from your tax statement next April 15th. How much a buyer benefits will depend on the taxes paid and their personal tax situation, but it the case of your typical sportbike, that’s still nearly a grand off your taxes.

Motorcycle dealers counting on a big boost will not find it here and would be far better served by concentrating on building their business and delivering excellent customer service.

 

Quick summary: 

– The deduction is available to non-itemizers.

– The taxes deducted only apply up to the portion of a vehicle’s purchase price of $49,500.
– There is an income limitation of $125K for single taxpayers or $250K for couples.

Specific text from the stimulus bill:
Digging through the actual stimulus bill (yes I did, so you don’t have to!) the text that applies is below:

SEC. 1008. ADDITIONAL DEDUCTION FOR STATE SALES TAX AND EXCISE TAX ON THE PURCHASE OF CERTAIN MOTOR VEHICLES.

(a) IN GENERAL.—Subsection (a) of section 164 is amended by inserting after paragraph (5) the following new paragraph:
‘‘(6) Qualified motor vehicle taxes.’’.
(b) QUALIFIED MOTOR VEHICLE TAXES.—Subsection (b) of section 164 is amended by adding at the end the following new paragraph:
‘‘(6) QUALIFIED MOTOR VEHICLE TAXES.—
‘‘(A) IN GENERAL.—For purposes of this section, the term ‘qualified motor vehicle taxes’ means any State or local sales or excise tax imposed on the purchase of a qualified motor vehicle.
‘‘(B) LIMITATION BASED ON VEHICLE PRICE.—
The amount of any State or local sales or excise tax imposed on the purchase of a qualified motor vehicle taken into account under subparagraph (A) shall not exceed the portion of such tax attributable to so much of the purchase price as does not exceed $49,500.
‘‘(C) INCOME LIMITATION.—The amount otherwise taken into account under subparagraph (A) (after the application of subparagraph (B)) for any taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so treated as— ‘‘(i) the excess (if any) of— ‘‘(I) the taxpayer’s modified adjusted gross income for such taxable year, over ‘‘(II) $125,000 ($250,000 in the case of a joint return), bears to For purposes of the preceding sentence, the term ‘modified adjusted gross income’ means the adjusted gross income of the taxpayer for the taxable
year (determined without regard to sections 911, 931, and 933).
‘‘(D) QUALIFIED MOTOR VEHICLE.—For purposes of this paragraph—
‘‘(i) IN GENERAL.—The term ‘qualified motor vehicle’ means—
‘‘(I) a passenger automobile or light truck which is treated as a motor vehicle for purposes of title II of the Clean Air Act, the gross vehicle weight rating of which is not more than 8,500 pounds, and the original use of which commences with the taxpayer,
‘‘(II) a motorcycle the gross vehicle weight rating of which is not more than 8,500 pounds and the original use of which commences with the taxpayer, and
‘‘(III) a motor home the original use of which commences with the taxpayer.
‘‘(ii) OTHER TERMS.—The terms ‘motorcycle’ and ‘motor home’ have the meanings given such terms under section 571.3 of title 49, Code of Federal Regulations (as in effect on the date of the enactment of this paragraph).

(c) DEDUCTION ALLOWED TO NONITEMIZERS.—
(1) IN GENERAL.—Paragraph (1) of section 63(c) is amended by striking ‘‘and’’ at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and inserting ‘‘, and’’, and by adding at the end the following new subparagraph: ‘‘(E) the motor vehicle sales tax deduction.’’. (2) DEFINITION.—Section 63(c) is amended by
adding at the end the following new paragraph: ‘‘(9) MOTOR VEHICLE SALES TAX DEDUCTION.— For purposes of paragraph (1), the term ‘motor vehicle sales tax deduction’ means the amount allowable as a deduction under section 164(a)(6). Such term shall not include any amount taken into account under section 62(a).’’.

(e) EFFECTIVE DATE.—The amendments made by this section shall apply to purchases on or after the date of the enactment of this Act in taxable years ending after such date.

Source: The Kneedragger

Comment:

  1. Ryan says:

    Just learned I can deduct the taxes paid on my motorcycle on this years tax return!!!11 http://is.gd/1aXNL WIN

  2. Anyone know more about the federal stimulus that makes motorcycle purchases tax deductible http://bit.ly/4okMg

  3. Bob says:

    Unfortunately, the 2009 tax forms I just downloaded from IRS.gov don’t agree with what is said in this article about deducting sales tax on a motorcycle. Yes, the law says that you should be able to get the additional deduction for sales tax, but good luck actually getting it —

    The 2009 IRS forms require you to file Schedule L to calculate the amount of the deduction to take on Form 1040 line 40a. If you bought a Buell 1125R for $6,000 and your state’s sales tax rate was 5%, then your sales tax amount would be $300.00. So far so good…

    If you run through the numbers on IRS Schedule L, you will be disappointed. Form 1040 Schedule L is used to calculate the amount by which your standard deduction should be INCREASED by the amount of sales tax paid on your new vehicle purchase. Instead, this form has a mistake in it — the calculations on Sch Line 20 actually tell you to REPLACE your standard deduction with the calculated tax credit amount, when it should tell you to INCREASE your standard deduction by the calcualted tax credit amount.

    For a single (or married filing separately) person, the amount of the standard deduction is $5700. Adding $300 for sales taxes paid should bring your standard deduction up to $6000, but it doesn’t. Instead of ADDING the $300 figure to the $5700 standard deduction, the official IRS forms tell you to REPLACE the $5700 standard deduction with an amount of $300. The way the fax forms are written right now, taking this deduction will cause you pay tax on an additional $5400 in “income”; you lose $5700 – $300 = $5400 in deductions, and your taxable income increases accordingly.

    It looks like the IRS instructions for Schedule L have a pretty significant mistake in them. Its too bad that the IRS makes it next to impossible to report this kind of error.