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At ÆßÃõ¼º½, we understand that investing in new construction equipment is a big decision, and we’re here to help you make the most of it. One of the most valuable tax incentives available to businesses in the construction industry is Section 179 of the IRS Tax Code, which allows you to deduct the full purchase price of qualifying equipment in the year you buy it—rather than depreciating it over several years.
For the 2024 tax year, businesses can deduct up to $1,220,000 on qualifying equipment purchases, with a phase-out threshold of $3,050,000. This means that if your total equipment purchases exceed $3,050,000, the deduction limit begins to decrease dollar-for-dollar.
To qualify for Section 179, the equipment must be used for business purposes for more than 50% of the time. The equipment must also be purchased and put into service during the tax year you're claiming the deduction.
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