If you’re looking to expand your commercial fleet and want to take advantage of Section 179 tax deductions, don’t hesitate to stop by our Jeep and Ram dealership near Worcester. Our sales team can review Section 179 tax incentives with you and tell you everything you need to know about these advantageous tax rules designed to help your business invest in itself for less. This is an excellent opportunity to upgrade to the right work truck or cargo van you need for an incredible price, so don’t hesitate to work with us!
Whether you're exploring adding a robust Ram pickup to your business fleet or determining if your adventurous Jeep 4x4 qualifies for Section 179 tax benefits, our skilled Chrysler finance experts are prepared to provide the comprehensive commercial vehicle tax insight you require. Learn more about Section 179 and let us know what we can do for you.
How Does Section 179 Work?
The Section 179 tax deduction allows eligible businesses to claim tax savings based on the cost of machinery and specific equipment, including vehicles. The U.S. government initiated this program to aid small- and medium-sized enterprises in minimizing their tax liabilities and investing in their future growth.
SUVs like the new Jeep Grand Cherokee qualify, as do passenger vans such as new and used Chrysler Pacifica models. Both new and used commercial vehicles like the Ram 1500 and Ram ProMaster® also qualify, offering local business owners a range of options for their business expansion and tax savings.
What Vehicles Qualify for Section 179?
Enjoy substantial savings when you buy a tax-qualified new Jeep SUV or Ram commercial truck from our Millbury dealership. It’s good to note that pre-owned vehicles can also be eligible; what’s important is the vehicle is new to you! If you're uncertain about the eligibility requirements for Section 179, we’ll gladly go through the extensive selection of qualifying vehicles with you.
Some of the new and used vehicles at Herb Chambers Chrysler Dodge Jeep Ram FIAT® of Millbury that may qualify for Section 179 tax savings include:
- Chrysler Pacifica
- Dodge Durango
- Dodge Grand Caravan
- Jeep Grand Cherokee
- Jeep Grand Cherokee L
- Jeep Wrangler Unlimited
- Jeep Gladiator Rubicon
- Ram 1500
- Ram 2500
- Ram 3500
- Ram ProMaster®
What Are the Limits of Section 179?
The limit for Section 179 tax deductions for 2023 is set at $1,160,000. Whether you're in the market for a brand-new truck or pre-owned work van from our Millbury Ram dealer, what matters most is that the vehicle is a new addition to your business fleet.
What Is the Section 179 Bonus Depreciation for 2023?
The Bonus Depreciation for this year stands at 80%, and your vehicle must be used for business purposes at least 50% of the time. So long as your truck, SUV or van is put into service by end of day on December 31, 2023, it can qualify for the Section 179 tax deduction.
The vehicle's title should be registered under your business name, and certain restrictions are applied for passenger vehicles used for business purposes,1 so don't hesitate to visit us in-person for a comprehensive understanding of the 2023 Section 179 regulation.
Commercial Ram Dealership Near Me
Curious about other Section 179 info? Check out the variety of tax-qualified commercial trucks, vans and SUVs at Herb Chambers Chrysler Dodge Jeep Ram FIAT of Millbury. We look forward to working with you!
1 Information accurate at the time of publication. Check with dealer for specifics.