Deduct up to $1,220,000 in tax incentives on new or used trucks and trailers purchased, financed or leased and put into service by December 31, 2024.
2024 Deduction Limit and Spending Cap
Now through December 31, 2024, eligible business owners can write off up to $1,220,000 using the Section 179 deduction for any new or used trucks or trailers purchased, financed or leased and put into service in 2024. A $3,050,000 maximum can be spent on eligible equipment before the available tax deduction is reduced.
Also, a 60% bonus depreciation is available for new and used equipment, after the spending cap has been reached. The bonus depreciation is retroactive to September 27, 2017, and good through 2024.
We encourage you to contact your tax advisor concerning the 2024 Section 179 deduction and specific qualification details.