Section 179 Tax Deduction near Lincoln, NE

2023 Ford E-Transit™ parked in driveway with woman standing near it

The Section 179 tax deduction is designed for small- to medium-sized businesses to help grow their selection of vehicles while helping them save. When you visit our car dealership near Lincoln to buy a GMC heavy-duty truck or Chevy commercial van or Ford SUV, you may be able to deduct up to 100% of the purchase price from your end-of-year taxes. This tax benefit can be applied to an array of vehicles on our lot, from the GMC Sierra HD and Savana Passenger Van to Ford Super Duty® and Chevy Suburban SUVs. Or, if you prefer a new Envision SUV as your next company vehicle, you can save big and give your business the boost it deserves by visiting Larson Motor Group.

What Are the Section 179 Limits for 2022?

It’s important to note that in order to receive the Section 179 benefits, the vehicle you buy must be registered and put into service by December 31, 2022. If you’re ready to buy a new GMC truck, Ram pickup or a passenger vehicle or cargo van for your business, we can answer any questions you may have. Some of the essential details to keep in mind 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 maximum 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.

Did you know that used trucks, vans and other pre-owned Ford vehicles can also qualify for Section 179 tax savings? What’s important is that vehicle is “new to you.” Passenger vehicle Section 179 deductions include:

  • Cars: $11,160 (including Bonus Depreciation)1
  • Trucks & Vans: $11,560 (including Bonus Depreciation)1
  • Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1