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 equipment must be placed into service by Dec. 31, according to the company. The Internal Revenue Service has capped expenditures at $2 million under the program. Companies can also take advantage of bonus depreciation after the spending cap is reached with a 50% deduction, according to the upfitter.
For more information about qualifying financing, visit this link.