The section 179 tax code is well known by local businesses. Thanks to these IRS guidelines, small and midsize companies can enjoy beneficial tax treatment stemming from the purchase of qualifying new and used vehicles and other equipment. It’s a popular strategy for business owners looking to grow their operations and upgrade their assets in a tax-advantageous way.
At our car dealerships in East Hartford and elsewhere throughout Connecticut, you'll find that numerous vehicles from across our portfolio of brands qualify for Section 179 tax savings. While many use this deduction to purchase an eligible new Ford truck or cargo van, Section 179 may also be used to add a new luxury SUV, sedan or other model to your fleet, provided it meets all IRS stipulations.
Whether you own a livery business, run a professional services firm or work in the trades, let Hoffman Auto Group help you find the right vehicle for your commercial needs.
2023 Section 179 Rules
Section 179 is designed to support smaller businesses that are looking for cost-effective ways to upgrade their fleet. To ensure that this tax code is used as intended, the IRS has a basic framework outlining what vehiclepurchases may qualify for Section 179 deductions. For 2023, the Section 179 eligibility rules and deduction limitations include:
- 2023 Deduction Limit: $1,160,0001 -- valid on new and used equipment (must be new to the buyer).1
- 2023 Bonus Depreciation: 80% -- valid on new and used equipment (must be new to the buyer).1
- Passenger Vehicle Eligibility: Pickups or heavy SUVs weighing between 6,000 and 14,000
pounds are among vehicles that may be eligible for a maximum first-year deduction of up to $28,900 in 2023. Many other passenger vehicles may also qualify a partial deduction if used for business purposes at least 50% of the time.1
What Vehicles for Sale at Hoffman Auto Group Qualify for Section 179?
Several models for sale at various Hoffman Auto Group dealerships qualify for Section 179 thanks to the availability of partial deductionsfor passenger vehicles used for business for at least 50% of the time.
If you think your business would benefit from a model like a Lincoln Navigator, Nissan Altima or Honda Pilot, give our team a call. A Hoffman sales associate or finance specialist can help you determine what new car is right for your needs and share more about its eligibility under 2023 Section 179 rules.
Buy a New Commercial Vehicle in Connecticut
If you'd like more information about Section 179 tax rules and how they may apply to your next vehicle purchase, please contact Hoffman Auto Group. All our local dealerships can help you understand in more detail which models on their lot may qualify for this tax deduction. Whether you want to buy a new Ford commercial truck in East Hartford or add a used luxury SUV to your professional fleet, our team is here to help.
1 Information accurate at time of publishing. See dealer for details.