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If you’re looking to expand your fleet of work trucks and cargo vans before the year is over, then you’re in luck -- you may be able to save big by claiming the Section 179 tax deduction! This IRS tax code helps small- and medium-sized businesses invest in themselves by allowing them to write off up to 100% of the cost of qualifying vehicles. In order to claim this tax deduction for the current fiscal year, vehicles must be purchased and put into service by December 31, 2023 -- so hurry into our Buick and Chevrolet dealer near Petal today!1
The advantages of the Section 179 tax deduction extend to both new Chevy vehicles and previously owned models, provided they are new to you and used for business-related activities within the relevant tax year. A wide variety of commercial vehicles like cargo vans, shuttle vans, heavy duty equipment and other specialized vehicles are eligible for complete deductions.
Passenger models such as the latest Chevy Tahoe, Silverado 1500 and Trailblazer, as well as Buick SUVs like the Encore GX and Enclave, may also be subject to partial deductions. The scope of these deductions is primarily determined by a vehicle’s class and weight. As per IRS guidelines for 2023, trucks and SUVs with a Gross Vehicle Weight Rating (GVWR) ranging from 6,000 to 14,000 pounds may be eligible for a partial deduction provided they are committed to business uses over half of their operation time.
The following Chevrolet models qualify for full or partial Section 179 tax savings:1
| Up to 100% of purchase price |
|---|
| Silverado 1500-3500 HD models (standard or long bed models only) |
| Silverado 4500-6500 HD models |
| Silverado HD Chassis Cab models |
| Express Cargo Van |
| Express Passenger Van (12- or 15-passenger models only) |
| Express Cutaway |
| Low Cab Forward |
| Up to $25,000 (Plus up to 80% of the remaining purchase price plus standard depreciation deduction) |
|---|
| Silverado 1500 - Short Bed |
| Tahoe |
| Suburban |
| Traverse |
| Colorado (all models except 2WD models w/ 5,800 GVWR) |
| Blazer |
| 5-passenger Express Passenger Van |
| Up to $20,200 |
|---|
| Bolt EV2 |
| Bolt EUV2 |
| Camaro |
| Corvette |
| Equinox |
| Malibu |
| Trailblazer |
| Trax |
| Colorado (2WD w/ 5,800 GVWR model only) |
The following new or used Buick vehicles are eligible for partial Section 179 tax deductions:1
| Up to $25,000 (Plus up to 80% of the remaining purchase price plus standard depreciation deduction) |
|---|
| Enclave |
| Enclave Avenir |
| Up to $20,200 |
|---|
| Encore GX |
| Envision |
| Envision Avenir |