When you purchase qualified Defenders, Discoverys, or Range Rovers SUVs for business purposes, you get something even better than just an incredibly competent SUV that will take you and your passengers further. You also get a vehicle that will save you big next year on your business taxes, but only if you purchase by December 31, 2023.
Section 179 Vehicle Types
The Internal Revenue Service (IRS) breaks down the list of vehicles that qualify for Section 179 deduction into three primary groups: Light, Heavy, and Other. The allowable deduction differs for each group.
Light Section 179 Vehicles
- Any vehicle with a manufacturer’s gross vehicle weight rating (GVWR) under 6,000 pounds (3 tons).
- This includes many passenger cars, crossover SUVs, and small utility trucks.
- For 2023, these autos have a Section 179 tax deduction limit of $12,200 in the first year they are used. If the extra $8,000 of Bonus Depreciation is also factored in, you can deduct up to a combined maximum of $20,200 for 2023.
Heavy Section 179 Vehicles
- Any vehicle with at least 6,000 pounds GVWR but no more than 14,000 pounds (3-7 tons).
- This includes many full-size SUVs, commercial vans, and pickup trucks.
- For 2023, a vehicle qualifying in the “heavy” category has a Section 179 tax deduction limit of $28,900.
WHICH DEFENDER AND RANGE ROVER SUVS QUALIFY FOR TAX CREDITS?
With Defender and Range Rover SUVs being among the most robust and well-equipped on the market, you’ll find a good selection of models that qualify for tax savings when purchased by the end of the year.
The Discovery is the ultra-versatile SUV that carries the Land Rover nameplate into the off-road SUV segment. Seating for up to seven passengers, 88+ feet of maximum cargo space and a top speed of 130 miles per hour are just a few of the highlights with Land Rover’s full-size adventure vessel.
Those seeking refinement and comfort above ruggedness who still want a vehicle that can hit the trails will love to know that the Range Rover and Range Rover Sport are also on the list of qualifying vehicles. As Defender and Range Rover’s halo SUV, the decadent Range Rover cuts an iconic silhouette and gives drivers a top speed of over 175 miles per hour, as well as the most cutting-edge comfort and convenience technology available.
The smaller Range Rover Sport also aims to bring Range Rover’s luxury to a segment that prefers a more compact and agile experience over the pavement-dominating presence of the Range Rover.
Whichever model you’re inclined to, you’ll find them with the best offers at Land Rover Kansas City. If you’re looking for the perfect luxury adventure SUV and want to know more about how your business taxes are affected by choosing a Defender, Discovery, Range Rover or Range Rover Sport, contact us today!CONTACT US FOR MORE INFORMATION VIEW NEW VEHICLE INVENTORY