You can get more tax benefits when you purchase the vehicles that give you more. Both large and small businesses may be eligible to deduct up to 60% of the purchase price of qualifying vehicles. Beginning in 2024, businesses that purchase qualifying electric vehicles may qualify for a federal income tax credit of up to $7,500. (2) With these new tax laws, you can save next tax season on the vehicles your business purchases today. There’s never been a better time to add the quality and dependability of Cadillac vehicles to your fleet.
1. Federal tax benefits are available for vehicles acquired for use in the active conduct of trade or business and may change or be eliminated at any time without notice and each taxpayer’s tax situation is unique; therefore, please consult your tax professional to confirm available vehicle depreciation deductions and tax benefits. For more information, visit www.irs.gov. This advertisement is for informational purposes only, and should not be construed as tax advice, or as a promise of availability or amount of any potential tax benefit or reduced tax liability. 2. Taxpayers may be entitled to U.S. federal income tax deductions and/or credits for purchases of vehicles that are placed in service in a trade or business during 2024. Determining the proper income tax treatment of any vehicle purchase requires careful consideration of several factors including, but not limited to, the applicable tax laws, regulations and guidelines, the characteristics and attributes of the particular vehicle purchased and the purchaser’s income tax situation. Each purchaser’s tax situation is unique and the available tax benefits and the applicable federal tax laws, regulations and guidelines are subject to change without notice. Therefore, customers must consult their tax advisor to determine the proper tax treatment of any vehicle purchase(s). For more information, visit www.irs.gov. This advertisement is for informational purposes only and should not be construed as tax advice or as a promise of availability or amount of any potential tax benefit or reduced tax liability. 3. Passenger automobiles, as defined in the Internal Revenue Code (including SUVs, trucks and crossovers with a GVWR up to 6,000 lbs.), and placed in service during 2024 qualify for immediate depreciation deductions of up to $20,400 per vehicle. 4. Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with a GVWR over 6,000 lbs. and placed in service during 2024 qualify for depreciation deductions of up to $30,500 plus up to 60% of the remaining purchase price. For more info visit gmfleet.com/tax
