Buick & GMC Section 179 Tax Deductions Near Folsom, CA
Are you a small- or medium-sized business owner looking to save on your commercial vehicle purchases? The team at our Buick and GMC dealership near Folsom can show you how to claim the Section 179 tax deduction and save big in the process. But what exactly is Section 179? It's a tax code established by the U.S. government designed to support small businesses in investing in themselves. By using this tax incentive, businesses have the opportunity to write off up to 100% of the costs associated with purchasing vehicles for business purposes.
Curious about which Buick and GMC vehicles qualify for Section 179 tax write-offs? Reach out to Elk Grove Buick GMC to go over all the fine details.
Section 179 Overview
Both new and used vehicles can qualify for Section 179 tax savings. The main requirement is that the vehicle is new to you and has been purchased and put into service within the current tax year -- which would be December 31, 2023, for this year.
Work-centric vehicles such as cargo vans, shuttle vans and heavy equipment typically qualify for the full deduction, as long as they are primarily used for business purposes. These vehicles can provide you with maximum tax savings under Section 179.
For passenger vehicles, the deductions may be partial and depend on the vehicle type and weight. In 2023, trucks and heavy SUVs with a Gross Vehicle Weight Rating (GVWR) between 6,000 and 14,000 pounds may be eligible for a partial deduction if they are used for business purposes at least 50% of the time. This arrangement allows you to save on vehicles that serve both personal and business needs.
Which GMC Vehicles Are Eligible for Section 179?
The following new GMC vehicles are eligible for Section 179 tax savings:1
Up to 100% of Purchase Price
- Sierra 1500/2500/35500 - Standard & Long Bed
- Sierra 35000 HD Chassis Cab
- Savana Cargo Van
- Savana Passenger Van (10+ passenger seating only)
- Savana Cutaway
Up to $25,000
(Plus up to 80% of the remaining purchase price plus standard depreciation deduction)
- Sierra 1500 - Short Bed
- Yukon
- Yukon XL
- Acadia
- HUMMER EV Pickup
- HUMMER EV SUV
- Canyon
- Savana Passenger Van (all except 10+ passenger seating)
Up to $20,200
- Terrain
Which Buick Vehicles Are Eligible for Section 179?
These new Buick models are eligible for partial Section 179 deductions:1
Up to $25,000
(Plus up to 80% of the remaining purchase price plus standard depreciation deduction)
- Enclave
- Enclave Avenir
Up to $20,200
- Encore GX
- Envision
- Envision Avenir
More Section 179 Details & Info
To benefit from the current tax year's incentives, it is crucial that your company's vehicles are purchased and put into service before December 31, 2023. This deadline ensures that you remain eligible for the incentives offered. Want to learn more about Section 179 limits or review Bonus Depreciation rates? Contact Elk Grove Buick GMC for more information!
1Information accurate at time of publishing. For more details, please visit www.section179.org.