Section 179 Tax Savings Commercial Vehicles Illinois

Save on Commercial Vehicles with Section 179 Deductions

At Steve Schmitt Auto Credit, we want your business in Bryan to save as much money as possible. We want your business to take advantage of Section 179 tax deductions. Under Section 179, up to the full purchase price of equipment purchased for business use can be deducted from that year's taxes.

Available Deductions

There are three categories for deductions: up to 100 percent of the purchase price. Up to $30,500 plus up to 60 percent of the remaining purchase price, a standard depreciation deduction, and up to $20,400 in deductions. Each deduction level is based on the weight along with the build and intent of the vehicle. For example, a Silverado Heavy Duty used only to pull a landscaping trailer in Navasota will likely receive a 100 percent deduction.

Vehicle Categories

Each tier of the deduction is related to the type of vehicle, the GVWR, and the building intent of the vehicle.

• Vehicles with GVWR over 6,000 pounds, including large trucks, cargo vans, and passenger vans with seating for ten or more.
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• Vehicles with GVWR over 6,000 pounds, including full-size trucks, SUVs, and vans with seating for ten or fewer
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• Vehicles with GVWR under 6,000 pounds, including small SUVs and crossovers.

If you are still determining if a vehicle qualifies for a category, it's best to consult with your tax advisor.

Buy Before the End of the Year

To have a vehicle in College Station qualify for your business's 2024 taxes, your business must purchase and put the vehicle into use before the new year. Other restrictions may apply, and again, it is best to ask your tax advisor for clarification.

Contact Steve Schmitt Auto Credit

If your business is in the market for a new vehicle, Steve Schmitt Auto Credit has a great selection of new and pre-owned vehicles that qualify for Section 179 deductions. Call us today to schedule a test drive of your next work truck.