Are you a local business owner looking to expand your company's fleet while staying within budget? The team at Crown Buick GMC is pleased to let you know about the Section 179 tax deduction. This tax incentive permits businesses to deduct up to the full purchase price of qualifying vehicles in the year they are acquired!
Whether you're expanding your commercial fleet or upgrading to reliable transportation, leveraging Section 179 can provide substantial financial benefits. Learn more at our GMC dealership in Metairie.
2024 Section 179 Tax Limits
Section 179 is designed to encourage small businesses to invest in their growth by purchasing necessary equipment, including vehicles. By allowing companies to deduct the full cost of qualifying vehicles during the tax year, it helps improve cash flow that can be reinvested into the business.
For 2024, businesses can write off up to $1,220,000, with a spending cap of $3,050,000.1 Additionally, a 60% Bonus Depreciation is available to further enhance savings on eligible purchases.1 These limits help ensure that Section 179 is truly catered to small- and medium-sized businesses.
What GMC Vehicles Are Eligible for Section 179?
When you visit our Louisiana GMC dealership, you'll find an extensive selection of vehicles that qualify for Section 179 deductions. While only certain, work-centric vehicles qualify for a 100% deduction, many traditional passenger vehicles can qualify for a partial deduction if used for business purposes at least 50% of the time.1
Here's a breakdown of GMC vehicles and how much of a tax deduction they're eligible for:
| Up to 100% of Purchase Price1 | Up to $30,500 (Plus up to 60% of the remaining purchase price plus standard depreciation deduction)1 |
Up to $20,4001 |
|---|---|---|
| Sierra 1500/2500/3500 - Standard & Long Bed | Sierra 1500 - Short Bed | Terrain |
| Sierra 3500 HD Chassis Cab | Yukon | |
| Savana Cargo Van | Yukon XL | |
| Savana Passenger Van (10+ passenger seating only) | Acadia | |
| Savana Cutaway | Canyon | |
| Savana Passenger Van (all except 10+ passenger seating) |
In addition to these new GMC trucks and vans, you may also be able to take advantage of Section 179 tax savings on new Buick models and many of the used vehicles on our lot. Ask our auto financing team for assistance in determining which vehicles are eligible for this tax program.
Take Advantage of Section 179 in Metairie
To benefit from this tax deduction, your vehicle must be purchased and put into service by December 31, 2024.1 This ensures that you maximize your tax savings within the current year. Contact Crown Buick GMC to explore our inventory and find a vehicle that aligns with your business goals. Our experienced staff is ready to assist with vehicle selection and provide detailed information about how Section 179 can help your business grow!
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1Information accurate as of publishing date. We are not accountants and are not offering financial advice. Please consult an accountant for further information or visit https://www.section179.org to review the latest details regarding Section 179 rules, caps and limitations.