SECTION 179 DEDUCTIONS
Take Advantage of 2023 Tax Deductions
Buy a 3D printer and save in 2023, with the IRS Section 179 tax incentive, which helps companies like yours improve business equipment and technology, while lowering taxes.
Realize Tax Savings
of up to
To fully understand your actual Section 179 savings, consult your tax professional.
Tax Deduction Calculator
Are you considering whether or not to purchase or lease 3D printing equipment in the current tax year? This Tax Deduction Calculator for 2023 may very well help in your decision, as Section 179 can save your company a lot of money.
Section 179 Deduction
The 2023 Federal Section 179 tax deduction allows businesses to take a current year deduction of the full purchase amount of up to $1,160,000 until December 31, 2023. Combine this tax savings with year-end special pricing for your best opportunity to save on a new Stratasys 3D printer.
2023 Deduction Limit = $1,160,000
This deduction is good on new and used equipment, as well as off-the-shelf software. To take the deduction for tax year 2023, the equipment must be financed or purchased and put into service between January 1, 2023 and the end of the day on December 31, 2023.
2023 Spending Cap on equipment purchases = $2,890,000
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis. This spending cap makes Section 179 a true “small business tax incentive” (because larger businesses that spend more than $4,050,000 on equipment won’t get the deduction).
Bonus Depreciation: 80% in 2023
Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. The Bonus Depreciation is available for both new and used equipment.
California Manufacturing and Research & Development Equipment Exemption
This is a partial exemption that reduces sales and use taxes at the rate of 3.9375% from January 1, 2017 to June 30, 2030.
Eligibility For Exemption
In order to be eligible for this partial tax exemption you must meet all three requirements:
- Be engaged in certain types of business, also known as a “qualified person”
- Purchase qualified property
- Use qualified property more than 50 percent of the time in:
- Recycling or research and development in biotechnology, physical, engineering, and life sciences.
*To see this tax exemption form, click here. Consult your tax professional today to calculate your incentive.