Section 179 And Bonus Depreciation 2024. Section 179 deductions allow companies to write off up to $30,500 of the purchase price of a qualifying vehicle used for business purposes. It begins to be phased out if 2024 qualified asset additions exceed $3.05.
For vehicles under 6,000 pounds in the tax year 2023, section 179 allows for a maximum deduction of $12,200 and bonus depreciation. Differences between section 179 and bonus depreciation.