Do you drive a heavy vehicle for work? It could lighten your tax load. If you’re a business owner, your SUV, pickup truck or van may be eligible for 100% first-year bonus depreciation. But it must:
- Be placed in service between September 8, 2017 and December 31, 2022
- Be new to you and your business – although pre-owned vehicles are eligible
- Be used over 50% for business purposes
- Have a manufacturer’s gross vehicle weight rating higher than 6,000 pounds
What does 6,000 pounds look like?
See below for some business vehicles that can do the heavy lifting.
- Chevy Tahoe
- Cadillac Escalade
- Chevy Suburban
- Ford Expedition
- GMC Yukon
- Toyota Land Cruiser
- Chevy Silverado
- Mercedes-Benz GL-Class SUV
- Ford F-series Super Duty
- Hummer H2
Other rules apply. Contact your trusted advisor for details.