Business owners take note: thanks to the Section 179 tax deduction, you can purchase a qualifying new GMC truck, work van or SUV for your commercial venture and deduct up to 100% of the purchase price on your next tax return. Section 179 was incorporated into the IRS tax code in order to incentivize small- and medium-sized businesses to invest in themselves thanks to advantageous tax benefits on qualifying vehicle purchases. Nearly every model in the entire 2022 GMC lineup is eligible for at least a partial deduction, and every full-size GMC truck and van for sale on our lot meets IRS standards for the full deduction. In order to claim these tax savings on this year's tax return, eligible vehicles must be purchased and put into service by December 31, 2022. To learn more about the Section 179 deduction, visit our GMC dealership near Windsor today.
Which GMC Vehicles Qualify for Section 179?
You can write off up to 100% of the costs of most new GMC vehicles with the Section 179 tax incentive.1 Many other models are also available for partial deductions, if used for business purposes at least 50% of the time. GMC vehicles that qualify for the Section 179 deduction include:
Up to 100% of Purchase Price (no per-vehicle or aggregate limitation)2
- GMC Sierra 1500 GMC Yukon
- GMC Sierra 1500 Denali GMC Yukon Denali
- GMC Sierra 2500 HD GMC Yukon XL
- GMC Sierra Denali 2500 HD GMC Yukon XL Denali
- GMC Sierra HD Chassis Cab 3500 HD GMC Acadia
- GMC Savana Passenger, Cargo and Cutaway Vans GMC Acadia Denali
- GMC HUMMER EV GMC Canyon4
Up to $19,200 per vehicle (no aggregate limitation)3
- GMC Terrain
- GMC Terrain Denali
- GMC Canyon5
Which Buick Vehicles Qualify for Section 179?
Most new Buick SUVs qualify for at least a partial deduction. Here's how your business can expect to deduct the purchase price of a new 2022 Buick:
Up to 100% of Purchase Price (no per-vehicle or aggregate limitation)2
- Buick Enclave
- Buick Enclave Avenir
Up to $19,200 per vehicle (no aggregate limitation)3
- Buick Encore
- Buick Encore GX
- Buick Envision
- Buick Envision Avenir
What Are the Section 179 Tax Deduction Limits?
For 2022, the Section 179 Tax Deduction limits are:
- 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.
These limits ensure that the Section 179 Deduction remains geared toward small and medium businesses, incentivizing growth outside of big corporations. Have questions about how the Section 179 limits apply to your company? Our GMC finance team will be happy to walk you through the fine details.
Commercial GMC Sales near Me
For more information on GMC Section 179 deductions, please contact Fowler Auto Center. Our team can help you compare our commercial GMC truck sales and also review the benefits of buying a GMC work van or heavy-duty truck. Along with these enticing federal tax deductions, you can also take advantage of our GM commercial financing options and Business Choice Offers program, which can help you scale or upfit your commercial fleet in a way that is easy, seamless and financially savvy. Call us today to learn more.
1See dealer for details.
2Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with a GVWR over 6,000 lbs. and placed in service during 2022 qualify for immediate depreciation deductions of up to 100% of the purchase price.
3Passenger automobiles as defined under the Internal Revenue Code (including sport utility vehicles, trucks and crossovers with a GVWR of 6,000 lbs. or less) and placed in service during 2022 qualify for immediate depreciation deductions of up to $19,200 per vehicle.
4Includes only Canyon models equipped with 4WD and the 2.8-liter diesel engine.
1Includes all Canyon models except those equipped with 4WD and the 2.8-liter diesel engine.