TAX DEDUCTIONS FOR TEMPE AREA BUSINESS OWNERS

Small business owners may claim up to $1,000,000 tax deduction on vehicle purchases

The Section 179 Deduction was enacted as part of the IRS tax code in 2008 to help small businesses with their vehicle and equipment purchases. With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2021 and beyond¹. This law allows your commercial and fleet customers to claim up to the full purchase price on an unlimited number of qualifying Buick and GMC vehicles as a tax deduction.

ALLOWABLE DEDUCTION AMOUNT

The amounts that can be deducted depend on the vehicles purchased. For example, passenger vehicles bought by a business may qualify for deductions up to $18,100² or 100% of the purchase price³. A business that spends up to $2,030,000 on multiple vehicles can take a deduction of up to $1,000,000. See the allowed amounts for each eligible Buick and GMC vehicle below.

ADDITIONAL SECTION 179 FACTS

• Vehicles must be placed in service during the 2023 tax year to be eligible
• Vehicle titles must be in the company's name
• An eligible vehicle must be used for business at least 50% of the time
• Businesses can still take advantage of other incentives and Business Choice offers in addition to these tax savings

For more information, please visit 

www.GMC.com/tax-deductions | www.Buick.com/tax-deductions | www.irs.gov