What Are the 2023 Section 179 Limits?
The intention of the Section 179 tax deduction is to help small- and medium-sized businesses save on vehicle costs. Because this incentive is aimed at smaller businesses, there are limitations set on the amount that can be deducted based on the vehicle. These limits for this year include:1
2023 Section 179 Deduction Limit: $1,160,000 -- applicable to both new and pre-owned equipment, provided the equipment is new to you.
2023 Bonus Depreciation: 80% -- valid for new and used equipment.
Passenger Vehicles Deduction Cap: Vehicles such as pickups and heavy SUVs weighing between 6,000 and 14,000 pounds may be eligible for a maximum first-year deduction of $28,900.
Vehicles Eligible for Section 179
A wide range of vehicles across our brands' lineups qualify for some form of Section 179 tax deductions. These eligible new Ram trucks and more 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®
Ram Commercial Vehicles in Monticello, IN
If you have any questions about Ram vehicles eligible for Section 179 or you want to schedule a test-drive, contact Twin Lakes Chrysler Dodge Jeep Ram in Monticello. Our local commercial vehicle center is your headquarters for heavy-duty trucks, fleet vans and spectacular savings on the vehicle your business requires. Take your company's operations to the next level of efficiency while saving big via the Section 179 tax incentive!
1Information accurate at the time of publishing. Refer to https://www.section179.org for the most current specifics.