Buick & GMC Section 179 Tax Savings
For owners of small- to medium-sized businesses, the Section 179 tax deduction affords significant cost savings on commercial vehicle purchases. Section 179 was established by the U.S. Government with the aim of bolstering small businesses by promoting investments in their operations. This tax break potentially allows companies to write off up to 100% of the costs associated with buying vehicles for business use.1
To find out which vehicles qualify for Section 179 tax deductions, contact the knowledgeable staff at our Buick and GMC dealership near Orlando. We're ready to provide all the details and guidance you require.
Understanding Section 179
The Section 179 tax benefit is applicable to both new Buick and GMC models and used vehicles. It's important that the vehicle is new to your business and used within the current tax year. Many business-oriented vehicles such as cargo vans, shuttle vans and heavy equipment typically qualify for the full deduction, provided they are used primarily for business reasons.
Passenger vehicles might also be eligible for partial deductions depending on their type and weight. In 2023, trucks and heavy SUVs with a Gross Vehicle Weight Rating (GVWR) ranging between 6,000 to 14,000 pounds could potentially be eligible for a partial deduction provided they are used for business purposes more than 50% of the time. This creates an excellent opportunity to save on vehicles that meet both your personal and business requirements.
Eligible GMC Vehicles for Section 179 Tax Savings
The following new GMC vehicles are eligible for partial or full Section 179 deductions:
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
Eligible Buick Models for Section 179 Deductions
The following new Buick vehicles are eligible for partial Section 179 tax deductions:
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
Additional Section 179 Information & Details
To take full advantage of the incentives available in the current tax year, ensure your company's vehicles are bought and put into service no later than December 31, 2023. Adhering to this deadline is essential for qualifying for these incentives.
If you have any queries about which GM vehicles can qualify for Section 179, or if you want to learn more about Bonus Depreciation, please contact Sam Boswell Buick GMC Mt. Dora. We're excited to assist your business with a suite of GMC and Buick models, helping it expand to the next level.
1 Information accurate at time of publishing. For more details, please visit www.section179.org.