Section 179 Tax Deduction
Take your business to the next level by expanding your fleet with commercial Chevy vehicles! When you buy a Chevy truck or van from us, you may be able to take advantage of Section 179 tax deductions and write off up to 100% of the costs.1 What’s Section 179? It’s an IRS tax code designed to help small and medium businesses invest in themselves by allowing them to deduct vehicle expenses. It can apply to many of the Chevy commercial models, as well as some passenger vehicles. Find out more when you visit our Chevy dealership.
Which Chevy Vehicles Does Section 179 Apply To?
When you claim Section 179 tax deductions, you may be able to write off up to 100% of the costs of qualifying vehicles.1 Some traditional passenger vehicles are also eligible for partial deductions if used for business purposes at least 50% of the time. You can also apply the Section 179 tax incentive to used vehicle purchases — what’s important is that the model is “new to you.” Chevy vehicles eligible for Section 179 include:
Up to 100% of Purchase Price(no per-vehicle or aggregate limitation)2
- Chevy Express Cargo Van
- Chevy Express Cutaway
- Chevy Express Passenger Van
- Chevy Low Cab Forward
- Chevy Silverado 1500
- Chevy Silverado 2500 HD
- Chevy Silverado 3500 HD
- Chevy Silverado HD Chassis Cab
- Chevy Suburban
- Chevy Tahoe
- Chevy Traverse
Up to $19,200 per vehicle (no aggregate limitation)3
- Chevy Bolt EV
- Chevy Bolt EUV
- Chevy Camaro
- Chevy Colorado
- Chevy Corvette
- Chevy Equinox
- Chevy Malibu
- Chevy Spark
- Chevy Trailblazer
- Chevy Trax
2022 Section 179 Deduction Limits
In order to ensure that the Section 179 tax deduction primarily benefits small- and medium-sized businesses rather than large corporations, there are limits in place for how much a company can deduct in a single year. For 2022, the Section 179 limits are as follows:
- 2022 Deduction Limit: $1,080,0001 — valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 — the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 — generally taken after the Spending Cap is reached, valid on new and used equipment.
Commercial Chevy Dealer near Me
Ready to boost your business with new Chevy Silverado HD trucks or Express cargo vans? Contact Videon Chevrolet to speak with our team. We’ll help you compare commercial Chevy vehicles and peruse our SUV inventory so that you can find the perfect match for your company needs. To qualify for Section 179 in the current tax year, all vehicles must be purchased and put into service by December 31, 2022 — so hurry in!
1Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.
2Must be properly equipped to qualify. Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with a GVWR over 6,000 lbs. and placed in service during 2022 qualify for immediate depreciation deductions of up to 100% of the purchase price.
3Passenger automobiles as defined under the Internal Revenue Code (including sport utility vehicles, trucks and crossovers with a GVWR of 6,000 lbs. or less) and placed in service during 2022 qualify for immediate depreciation deductions of up to $19,200 per vehicle.