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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.
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Businesses that purchase a Tesla Model X SUV for business use in California are eligible federal and state tax credits of $35,000 that could significantly reduce the $100,000 price tag of the luxury vehicle.
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Within the 2012 Taxpayer Relief Act, the maximum amount of Section 179 deductions has been changed and bonus depreciation extended.
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