Purchasing or leasing a new GMC truck, cargo van, or passenger van for your business in Salem, Oregon could provide a significant tax break. Under Section 179 of the tax code, many businesses can immediately deduct up to 100% of the purchase price of qualifying GMC vehicles in the first year of ownership.
To be eligible for the Section 179 deduction, the GMC vehicle must be used for business purposes more than 50% of the time and put into service in the same tax year the deduction is being claimed. Both large and small businesses may qualify. Consult your tax advisor to see if the GMC vehicles your Salem business purchased can be fully deducted as an expense through GMC tax deductions under Section 179.
By taking advantage of this tax incentive, your business could substantially lower its taxable income for the year. This makes investing in a new GMC truck or van for your company an even smarter business decision. Contact Capitol Chevrolet of Salem to explore the GMC commercial vehicles in our inventory and learn more about potential tax breaks for your business.