Big, Beautiful Bill

 

 

IRS Section 179 allows small business owners and self-employed individuals to deduct the cost of qualifying business vehicles, including both new and pre-owned models. This tax deduction applies to vehicles that are purchased and put into service in the same tax year, with business use of more than 50%. Vehicle eligibility varies based on weight and usage type.

Requirements:

Light Vehicles: Gross Vehicle Weight Rating (GVWR) under 6,000 lbs (3 tons), such as passenger cars, crossover SUVs, and small utility trucks.
Heavy Vehicles: GVWR between 6,000 – 14,000 lbs (3 to 7 tons).
Other Vehicles: GVWR over 14,000 lbs (7 tons) or vehicles modified for non-personal use, including:
  • Shuttle vehicles with seating for nine + passengers behind the driver.
  • Delivery vans with a cargo area at least six feet in length, inaccessible from the passenger area.
  • Enclosed vehicles with no rear seating and a body no longer than 30 inches beyond the windshield (e.g., full-size SUVs, commercial vans, ambulances, and work trucks).

Under IRS Section 179, certain Chevrolet vehicles qualify for tax deductions based on their Gross Vehicle Weight Rating (GVWR) and business use.

 

Eligible Chevrolet Vehicles:

Up to 100% of Purchase Price Deduction:
  • Chevrolet Express Cargo Van
  • Chevrolet Express Cutaway
  • Chevrolet Express Passenger Van
  • Chevrolet Low Cab Forward
  • Chevrolet Silverado 1500
  • Chevrolet Silverado 2500 HD
  • Chevrolet Silverado 3500 HD
  • Chevrolet Silverado 4500 HD
  • Chevrolet Silverado 5500 HD
  • Chevrolet Silverado 6500 HD
  • Chevrolet Silverado HD Chassis Cabs

Up to $25,000 Deduction Plus 80% of Remaining Purchase Price:
  • Chevrolet Blazer
  • Chevrolet Colorado
  • Chevrolet Suburban
  • Chevrolet Tahoe
  • Chevrolet Traverse

The team at Steve Rayman Chevrolet on Cobb Parkway is here to answer any questions you may have.