Are you looking to take your small- or medium-sized business to the next level of productivity? If so, consider enlisting GMC commercial trucks and vans in your fleet! Not only does our GMC dealership near Albuquerque boast a wide selection of powerful, reliable work vehicles, but also, we can help you secure the Section 179 tax deduction to save up to 100% of the vehicle's purchase price on your company's expenses.1
Learn all about Section 179 tax incentive eligibility requirements and qualifying vehicles below. No matter the new or used GMC in New Mexico you need, you can take advantage of the Section 179 tax deduction right here at Tillery Buick GMC. But stop in soon, as you must enroll your vehicle by December 31, 2023, to qualify!
What Are the 2023 Section 179 Deduction Limits?
Because the Section 179 tax deduction is intended for small- and medium-sized businesses, there are upper limits for spending. For 2023, the Section 179 limits are:
- 2023 Deduction Limit: $1,160,000 -- applicable to new and used equipment (must be new to the buyer).
- 2023 Bonus Depreciation: 80% -- valid for new and used equipment.
- Passenger vehicles (such as pickups or heavy SUVs) weighing more than 6,000 but less than 14,000 pounds can achieve a maximum first-year deduction of up to $28,900 in 2023.
Which 2023 GMC Models Qualify for Section 179?
Most of our new GMC vehicles near Albuquerque qualify for some sort of Section 179 deduction, including popular trucks, vans and SUVs. Incentive breakdowns are as follows:
Up to 100% of purchase price
This includes large trucks, cargo vans and 10+ passenger vans with a GVWR greater than 6,000 pounds.
- Sierra 1500/2500/3500 -- Standard and Long Bed
- Sierra 3500 HD Chassis Cab
- Savana Cargo Van
- Savana Passenger Van (10+ passenger seating only)
- Savana Cutaway
Up to $25,000 plus up to 80% of purchase price and standard depreciation deduction
This includes other trucks, passenger vans and SUVs with a GVWR greater than 6,000 pounds.
- Sierra 1500 - Short Bend (including Denali)
- Yukon (including Denali)
- Yukon XL (including Denali)
- Acadia (including Denali)
- HUMMER EV Pickup
- HUMMER EV SUV
- Canyon
- Savana Passenger Van (all except 10+ passenger seating)
Up to $20,200
This covers all vehicles with a GVWR of 6,000 pounds or less.
- Terrain (including Denali)
GMC Commercial Vehicles Near Albuquerque, NM
If you have any more questions about Section 179 tax deduction requirements or restrictions, don't hesitate to contact Tillery Buick GMC in Los Lunas. Whether you need a GMC work van, heavy-duty truck or any other commercial model, you'll claim a great value and head home happy by working with our team!
1 Information accurate at the date of publishing. Refer to https://www.section179.org for the most up-to-date specifics.