Before the year ends, it’s important to check out the tax benefits available for businesses. That’s why we’ve put together some important information regarding tax incentives that apply to Ram Professional vehicles. Whether you’re considering upgrading your fleet or purchasing your first business truck or van, these incentives can help lead to significant tax savings.
Tax Section 168(k)
Under Tax Section 168(k), businesses can benefit from a temporary 60% deduction[1]for qualified property. This allows taxpayers to deduct the cost of any qualified property in the year it is acquired and placed in service, which includes Ram vehicles.
Tax Section 179
Similarly, Tax Section 179 enables businesses to deduct the full purchase price 1of qualifying equipment, including Ram vehicles purchased or financed during the tax year. In 2024, businesses can expense up to $1,220,000 of Section 179 property. This deduction is a powerful tool for businesses looking to invest in new vehicles for commercial use.
Ram ProMaster EV Clean Vehicle Tax Credit
Those who purchase the 2024 Ram ProMaster EV may qualify for a federal commercial clean vehicle tax credit.[2] This incentive supports businesses in adopting sustainable practices by integrating electric vehicles into their fleets.
Applicable Ram Vehicles
The following Ram vehicles are eligible for tax deductions under Sections 168(k) and 179:
- Ram 1500
- Ram 2500
- Ram 3500
- Ram Chassis Cab 3500
- Ram Chassis Cab 4500
- Ram Chassis Cab 5500
- Ram ProMaster® models
Calculate Your Savings
To estimate potential tax savings from purchasing a Ram vehicle, you can use the Section 179 Tax Deduction Calculator. This online tool helps you calculate savings by allowing you to select the tax year, the vehicle model, and the total cost of the vehicle.
Make sure to consult with a tax or financial professional for more information.
[1] The Ram 1500 Crew Cab short bed models and other vehicles with a Gross Vehicle Weight Rating of less than 6,000 pounds are subject to an annual depreciation cap. Any vehicle with an open or enclosed cargo area of at least 6 feet in interior length that is not readily accessible from the passenger compartment does not qualify for the incentive. This incentive is offered by a third party and is subject to change without notice. Please confirm this information to ensure its accuracy and availability. Consult a tax professional for details and eligibility.
[2] This incentive applies to business and tax-exempt organizations and is offered by a third party and is subject to change without notice. Please confirm this information to ensure its accuracy and availability. Consult a tax professional for details and eligibility requirements.
