Buick & GMC Section 179 Tax Deduction

Buick & GMC Section 179 Tax Savings

near Carmel, NY

Those looking to upgrade their fleet of business vehicles for 2022 are in luck with the Section 179 tax code. You may be asking yourself, "What is the Section 179 tax deduction?" This tax year, small-business owners have the opportunity to write off up to the full purchase price of a vehicle when it's used for work. The Section 179 tax savings were designed to help businesses invest in themselves, and many vehicles are eligible so long as the truck or SUV is used for business purposes at least 50% of the time. Learn about the Section 179 tax deduction at our Buick and GMC dealership near Carmel and come in for a test-drive today!

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What Are the 2022 Section 179 Deduction Limits?

The 2022 Section 179 Deduction limits are as follows:

2022 Deduction Limit: $1,080,000¹ -- valid on new and used equipment (must be new to the buyer).
2022 Spending Cap: $2,700,000¹ -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
2022 Bonus Depreciation: 100%¹ -- generally taken after the Spending Cap is reached, valid on new and used equipment.

If you own a small- or medium-sized business, you can buy a new Buick SUV or GMC truck and write off at least the partial purchase price of qualifying vehicles. You can take advantage of Section 179 tax savings so long as the vehicle is put into service by end of day on December 31, 2022. Section 179 tax deductions include:

2022 Deduction Limit: $1,080,000¹ -- valid on new and used equipment (must be new to the buyer).
2022 Spending Cap: $2,700,000¹ -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
2022 Bonus Depreciation: 100%¹ -- generally taken after the Spending Cap is reached, valid on new and used equipment.

Which Buick & GMC Vehicles Does Section 179 Apply To?

Not all GM vehicles qualify for the Section 179 tax deduction, but select models can be a tax write-off to help you save when you put a vehicle into service this year. Buick & GMC vehicles eligible for the Section 179 tax code include:

Buick Encore GX
Buick Enclave
GMC Sierra 1500
GMC Sierra 2500 HD
GMC Acadia

The section 179 tax deduction can be applied to new and used GM vehicle purchases, what's important is that the vehicle is new to you. Browse our passenger SUVs and commercial trucks for sale, and don't hesitate to schedule a test-drive at Hudson Buick GMC to get more familiar with the vehicle you'd like to upgrade to for your business. We look forward to answering all your questions about the Section 179 tax deduction in New York!

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