2024 TAX INCENTIVES

Section 179 Deduction

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year.

That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE (up to $1,220,000) from your gross income. It’s an incentive created to encourage businesses to buy equipment and invest in their business.

Here’s how it works:

Bonus Depreciation

Bonus Depreciation allows taxpayers to deduct a % of an asset’s cost up front. Bonus Depreciation is phasing down through 2026:

2024: 60%
2025: 40%
2026: 20%

Calculate What You Could Save with Section 179 & Bonus Depreciation Incentives!

To better understand the significant impact that Section 179 can have on your new equipment purchase, try the Section 179 calculator:

Section 179 Calculator

Need more information?

Don’t let this tax incentive slip by. Machinery must be purchased and delivered by December 31, 2024 so don’t delay. Consider machine delivery lead times to ensure you don’t miss out on these tax incentives.

Consult your tax advisor for more details regarding Section 179 Deduction or visit the official Section 179 website.

Section 179 Website

“I take advantage of these tax incentives annually. Rather than paying taxes, I purchase equipment that reduces my payroll hours AND I get to take a large first year depreciation, sometimes the entire purchase price of the machine – the tax savings are huge!”

– Montana Customer

Why Choose Park Industries as Your Equipment Supplier?

At Park Industries, we are different. We stand behind every claim, statement, interaction, and pillar our business was build on – 70 years and counting. Park Industries is a company that you can trust, providing you Precision, Performance, and Peace of Mind in your investment.

We understand just how important the proper management of cash flow is to the success of your business. There are a variety of ways you can get the machinery you need for your business, whether you lease, use a bank, or buy outright with cash.

Investment Options

Below are the various funding options you may want to explore.

Buying with a Bank

If you already have a great working relationship with a bank, you may choose to finance your new equipment by taking out a loan with your bank.

Get Pre-Approved

You may choose to apply for a loan through your bank before you begin shopping. With pre-approval in hand, you’ll be able to make your purchase on the spot.

Relationships with Bank

You may already have a relationship with a bank because the business has worked with them for years or you’ve taken business loans out with them previously. Taking out another loan with the bank may be easier because of this. You might find that qualifying for financing is easier because of the working relationship you have with the bank.

Possible Lower Lifetime Cost

If you have a good relationship with the bank, and you’ve taken loans out with them before, not only may it be easier to qualify for another loan, but you may get a better interest rate. This equates to the potential for not only a lower interest rate, but lower payments or a shorter loan term.

No Collateral Needed

You may find that, because the equipment you’re investing in can be used to secure the loan, you may not need to provide collateral for the loan.

No Buyout at the End of the Term

Again, because the loan is secured by the equipment, the business won’t need to worry about buyout at the end of the term. You won’t need to worry about returning the equipment after a certain period of time.

Leasing

Leasing the equipment you need through Park Industries® is a great option for a variety of reasons.

Preserves Working Capital

Leasing requires little or no cash outlay. You may also be provided 100% financing.

Preserves Lines of Credit

When you decide to lease, you don’t have to worry about your organization’s line of credit. Leasing will not have an impact on the availability of your organization’s credit.

Fixed Payments

When you decide to lease equipment with Park Industries, you can count on fixed lease payments. They’ll be fixed for a specific period of time, and you won’t need to worry about annual adjustments.

Flexible Terms

Leasing with Park Industries means that lease terms can be structured to meet your individual needs. We offer $1 buyout options, step payment plans, 60- and 90-day deferred payment plans, a capped FMV Option Lease, fixed purchase options, and tax leases.

Tax Benefits

When you lease business equipment, businesses may deduct the cost as a necessary business expense and receive tax benefits.

Paying Cash

If you don’t want to take out a loan with your bank or finance through Park Industries®, you always have the option of paying upfront with cash.

Saves Money on Interest

When you buy a machine on the spot, you don’t need to worry about paying extra interest fees. You’ll only be paying for the cost of the machine and taxes. This will save you money.

Free Up Credit for Other Uses

Because the machine is paid for, you don’t have to worry about freeing up credit for other large purchases.

Instant Ownership

When you pay on the spot, you’ll own the machine immediately. No need to concern yourself about leases, loans, or contracts. The equipment is yours.

Tax Benefits

Come tax season, you’ll receive a tax benefit for purchasing the machine, as it is considered business equipment.

Stay on Budget

Because you are paying upfront, and you don’t have to worry about interest, you may find that it’s easier to stay within your budget.

Park Industries® would love to be your trusted adviser during the process of buying new equipment. By reaching out to us and providing a few details about your situation and your needs, we can guarantee a response within one business day.