You could get more tax benefits when you purchase the vehicles that you need*. Both large and small businesses may be eligible to immediately deduct up to 100% of the purchase price of qualifying vehicles. Beginning in 2023, businesses that purchase qualifying electric vehicles may qualify for a federal income tax credit of up to $7,500*.

*Individuals, businesses and tax-exempt organizations that purchase a qualifying electric vehicle for use in a trade or business may qualify for a federal Qualified Commercial Clean Vehicle income tax credit of up to $7,500.  For more information, visit https://www.irs.gov/credits-deductions/commercial-clean-vehicle-credit.  Individuals who purchase a qualifying electric vehicle for non-business use may qualify for a federal Clean Vehicle income tax credit of up to $7,500, subject to additional restrictions.  For more information, visit https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after.  Consult your tax advisor to determine the proper tax treatment of any vehicle purchase(s) including, without limitation, which vehicles qualify, the amount of the available credit, how to claim the credit, how claiming a credit may impact other tax deductions and/or tax credits and for additional restrictions and limitations.  Clean Vehicle and Commercial Clean Vehicles tax credit amounts, eligibility requirements and other requirements, restrictions and limitations are subject to change without notice.

Whether you’re shopping for a new vehicle for your business or looking for innovative ways to increase productivity, we have you covered. Explore the programs we’ve developed to keep your business running effectively and efficiently.