Hino Hybrid Section 179
Section 179 of the United States Internal Revenue Code (26 U.S.C. § 179) allows taxpayers to elect to deduct the cost of certain types of property for tax purposes as an expense, rather than requiring the cost of the property to be capitalized and depreciated. Eligible property is generally limited to tangible, depreciable, personal property (like a Hino truck) which is acquired for use in the active conduct of a trade or business. In addition to standard depreciation on new trucks, bonus depreciation may also be available.
For 2018, the maximum Section 179 deduction available is $500,000 on qualified equipment put into service in calendar year 2018. This may include new Hino commercial trucks and bonus depreciation on NEW equipment may be available if put into service in calendar year 2018.
This example assumes 2018 depreciation of $83,698 at 35% (excludes interest and interest deductions. Consult with your tax account for more information.
California HVIP Provisions
- $15,000 cash incentive until all funds are exhausted.
- First come, first served.
- Truck must be registered and operated in California for three years minimum.
- No grants or proposals necessary.
- Tom’s Truck Center does all the paperwork for you.
- Quick reimbursement.