Small Business Customers May Claim a Tax Deduction Under Section 179
1. Each individual's tax situation is unique; therefore, please consult your tax professional to confirm vehicle depreciation deduction and tax benefits. For more details, visit IRS.gov
2. For vehicles that qualify as passenger automobiles under the Internal Revenue Code, there is a $3,160 per-vehicle depreciation deduction cap or $3,460 for certain SUVs, trucks, and vans placed in service during 2023.
3. For vehicles that qualify as sport utility vehicles, including certain trucks and vans, under the Internal Revenue Code, the maximum amount that may be expensed is $25,000 of the total purchase price. The $25,000 expense cap contributes to the $500,000 dollar limit and $2,000,000 investment limit under Section 179.
3. For vehicles that qualify as sport utility vehicles, including certain trucks and vans, under the Internal Revenue Code, the maximum amount that may be expensed is $25,000 of the total purchase price. The $25,000 expense cap contributes to the $500,000 dollar limit and $2,000,000 investment limit under Section 179.
4. The tax incentives are available for depreciable tangible property that is acquired by purchase for use in the active conduct of a trade or business. Additional limitation based on purchases. For the 2023 tax year, the aggregate deduction of $500,000 under Internal Revenue Code Section 179 is most beneficial to small businesses that place in service no more than $2,000,000 of "Section 179 property" during the year. For every dollar spent on Section 179 property in excess of the overall limit of $2,000,000, the $500,000 expense tax deduction decreases by a dollar. Certain vehicles, models, and restrictions apply. Consult your tax professional for details.
Here is the full GMC line up and their applicable discounts:
2023 Model Year Vehicle
Sierra 1500 – Short Bed (including Denali)
Yukon (including Denali)
Yukon XL (including Denali)
Acadia (including Denali)
Canyon
Savana Passenger Van (all except 10+ passenger seating)
Sierra 1500/2500/3500 – Standard and Long Bed
Sierra 3500 HD Chassis Cab
Savana Cargo Van
Savana Passenger Van (10+ passenger seating only)
Savana Cutaway
Terrain (including Denali)
Sierra 1500 – Short Bed (including Denali)
Yukon (including Denali)
Yukon XL (including Denali)
Acadia (including Denali)
Canyon
Savana Passenger Van (all except 10+ passenger seating)
Sierra 1500/2500/3500 – Standard and Long Bed
Sierra 3500 HD Chassis Cab
Savana Cargo Van
Savana Passenger Van (10+ passenger seating only)
Savana Cutaway
Terrain (including Denali)
Maximum Deduction Allowed
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to 100%
Up to 100%
Up to 100%
Up to 100%
Up to 100%
Up to $20,200
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to $25,000*
Up to 100%
Up to 100%
Up to 100%
Up to 100%
Up to 100%
Up to $20,200
Vehicles must be placed in service during the 2023 tax year to be eligible.
Aggregate: Total deduction is aggregate, no per-vehicle purchase price limit.
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*For vehicles that qualify as sport utility vehicles, including certain trucks and vans under the IRS Code, the maximum amount that may be expensed is $25,000 of the total purchase price. The $25,000 expense cap contributes to the $510,000 dollar limit and $2,030,000 investment under Section 179.
**For vehicles that qualify as passenger automobiles under the IRS code, there is a $11,500 per vehicle depreciation deduction cap for certain SUVs, trucks, and vans placed in service during 2023.
***The tax incentives are available for depreciable tangible property that is acquired by purchase for use in the active conduct of a trade or business. Additional limitation based on purchases. For the 2023 tax year, the aggregate deduction of $510,000 under IRS code section 179 is most beneficial to small businesses that place in service no more than $2,030,000 of Section 179 property during the year. For every dollar spent on Section 179 property in excess of the limit of $2,030,000 the $510,000 expense-tax deduction decreases by a dollar. Certain vehicles, models and restrictions apply.
****Each individual’s tax situation is unique; therefore, please consult your tax professional to confirm vehicle depreciation deduction and tax benefits. For more details visit IRS.gov