Section 179 Vehicles 2024. For 2024, the spending limit for section 179 on purchases made between january 1 and december 31 is $3,050,000, reflecting a $160,000 increase from the previous year, 2023. It must be used for business.
Section 179 deductions allow companies to write off up to $30,500 of the purchase price of a qualifying vehicle used for business purposes. 2024 updates & current rules for section 179 and bonus depreciation*:
