
The Auto Truck Group is urging small businesses to take advantage of the federal Section 179 deduction on equipment that allows a deduction of as much as $500,000 on new and used equipment purchases.
The Auto Truck Group is urging small businesses to take advantage of the federal Section 179 deduction on equipment that allows a deduction of as much as $500,000 on new and used equipment purchases.
The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) permanently sets the Section 179 cap at $500,000. Section 179 allows businesses to deduct the cost of certain new and used property, including certain motor vehicles.
Mitsubishi Fuso Truck of America advises that Section 179 of the U.S. Internal Revenue Code (commonly referred to as IRC-179) allows businesses to expense up to $500,000 in tax year 2013 for certain capital expenditures, including commercial work trucks like the FUSO Canter FE/FG Series.