Understanding Section 179
The Section 179 tax deduction allows eligible businesses to deduct the cost of machinery and specific equipment, including vehicles, during tax filing. This government initiative aims to alleviate the tax burden for small- to medium-sized businesses.
You'll be pleased to know that heavy SUVs like the new Jeep Grand Cherokee and passenger vans such as the Chrysler Pacifica are eligible for Section 179. Additionally, new and used vehicles like the Ram 1500 and Ram ProMaster® also qualify, providing a wide range of options for potential tax savings.
Eligible Vehicles for Section 179
At Bodwell Chrysler Jeep Dodge Ram, we want you to maximize your savings when purchasing vans, trucks or qualifying new Jeep SUVs from us. If you have any uncertainties about the eligibility criteria or whether a specific commercial vehicle is covered under Section 179, our team is ready to provide you with a comprehensive list of qualifying options.
Here are some examples of vehicles available at Bodwell Chrysler Jeep Dodge Ram that qualify for Section 179:
- Chrysler Pacifica
- Dodge Durango
- Dodge Grand Caravan
- Jeep Grand Cherokee
- Jeep Grand Cherokee L
- Jeep Wrangler Unlimited
- Jeep Gladiator Rubicon
- Ram 1500
- Ram 2500
- Ram 3500
- Ram ProMaster®
Section 179 Limits and Requirements
In 2023, the Section 179 tax deduction limit is $1,160,000, which represents an increase from the previous year.1 To make the most of this deduction, it's essential that any commercial vehicle you acquire at our Brunswick truck dealer is new to your business. Additionally, for the current tax year, there is an 80% Bonus Depreciation available.
To qualify for Section 179, the vehicle must be used for business purposes more than 50% of the time and must be put into service before December 31, 2023. Furthermore, the vehicle's title must be under the name of your business.
Keep in mind that there are additional limits for passenger vehicles used for business purposes. Visit us today at Bodwell Chrysler Jeep Dodge Ram to learn more about all the ins and outs of the Section 179 tax code.
Buy Your Commercial Vehicle with Us!
Do you have questions about the spending cap for Section 179 in 2023? Are you looking for a comprehensive list of tax-eligible commercial trucks and vans? Contact Bodwell Chrysler Jeep Dodge Ram today and speak with our dedicated team members. We're here to assist your business!
1 Information accurate as of publication. See dealer for details.