• Section 179 image

UPDATED SECTION 179 TAX DEDUCTION AND ELIGIBLE VEHICLES

What is the Section 179 Tax Deduction?

The Section 179 Deduction was enacted to help small businesses with vehicle and equipment purchases. The law allows commercial and fleet buyers to take a tax deduction for the FULL purchase price in one year, rather than depreciating them over a longer period of time. Taking that deduction on an asset in its first year is called a “Section 179 deduction.”

What are the Section 179 Deduction Limits for 2017?

The maximum deduction for 2017 was increased to $510,000, and the Section 179 deductions decrease dollar for dollar on purchases over $2,030,000. The amount that may be deducted depend on the vehicle purchased. For example, passenger vehicles bought by a business may qualify for deductions of $11,160, $11,560 or $25,000, while heavier vehicles may qualify for a higher deduction, up to the maximum.

What is the Section 179 Bonus Depreciation for 2017?

After the Section 179 benefits are exhausted, businesses can depreciate 50 percent of the remaining cost of equipment put into service during 2017. The current rules say the bonus depreciation will phase down to 40 percent in 2018 and 30 percent in 2019.

Which Vehicles are Eligible for the Section 179 Deduction?

Of course, we carry Hino and Isuzu light and medium-duty trucks and vans, and wreckers, carriers and heavy-duty tow trucks too! For these, the Section 179 savings will be similar in similar weight classes.

 

Don’t Forget

  • Vehicle titles must be in the company’s name
  • An eligible vehicle must be used for business at least 50% of the time
  • The vehicle must be placed into service before 12/31/2017

Please call us at 262.514.4000 with your questions and our one of our Sales Executives will be happy to help you find the right vehicle for your business.

2017 Section 179 Chevrolet image2017 Section 179 GMC image



Disclaimer: Lynch Truck Center does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Saved
Saved Vehicles ×

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact
Contact Us ×

Lynch Truck Center Waterford

(262) 514-4000
29000 Sharon Lane | Waterford, WI 53185
View Inventory

Lynch Chicago

(708)-233-1112
7335 W. 100th Place | Bridgeview, IL 60455
View Inventory

Lynch Truck Center

29000 Sharon Lane Waterford, WI
Phone:

Parts

Phone: 262.332.6550

Service

Phone: 262.332.6551