Business owners, through the 2010 Tax Stimulus Package, may be eligible for significant tax benefits (Tax Code 179) for the purchase of eligible new vehicles before Dec. 31, 2010.
General Motors is communicating with its fleet customers to make them aware of the opportunity, and that GM vehicles are eligible.
If a vehicle is purchased, fleet owner benefits may include immediate eligibility for an expense deduction and an additional 50% bonus of accelerated depreciation, says GM.
GM vehicles immediately eligible for a $25,000 expense deduction:
Special 50% bonus depreciation for qualified Chevrolet or GMC vehicles:
Since each individual’s tax situation is unique, GM is recommending to customers that they consult their tax professionals to confirm vehicle depreciation deduction and tax benefits.
Each individual’s tax situation is unique; therefore, fleets should consult their tax professionals to confirm vehicle depreciation deduction and tax benefits.