Commercial Vehicle Tax Breaks
Claim Your Section 179 Tax Deduction When You Buy a Commercial Chevy Vehicle
When you buy a new commercial Chevy vehicle or a fleet of Chevrolet vehicles for your business, you could be eligible for a tax deduction under Section 179. The commercial SUVs, crossovers, trucks and vans you use daily for your business can all qualify. Under Section 179, you might be eligible to get a deduction on the new Silverado 3500 HD you've been using to haul cargo to and from your worksite, or even the Chevrolet Express Commercial Cutaway your business relies upon.
If you're looking to start a commercial fleet or purchase a new Chevy vehicle to add to an existing fleet, there's no better time than the present. Certain commercial Chevy vehicles, with a gross vehicle weight rating above 6,000 pounds but not higher than 14,000 pounds, can qualify for expensing up to $25,000. The vehicle needs to be financed and placed in service before December 31, which means you still have plenty of time to shop the options available at our Chevy dealership. Passenger vehicles, trucks and vans that are used for a qualified business more than 50% of the time can have a total deduction for depreciation, including Section 179 and a Bonus Deprecation, limited to $11,060 for cars and $11,160 for trucks and vans.
Does my business' commercial Chevy fleet or vehicle qualify for a full Section 179 Deduction?
- If your heavy, "non-SUV" vehicle has a cargo area of at least six feet in interior length, it may be eligible. The area must not be easily accessible from the passenger area, such as the case with pickup trucks with full-sized cargo beds.
- A vehicle that can seat nine-plus passengers behind the driver's seat, like an Express Passenger Van used as a shuttle, could be eligible.
- A vehicle such as a cargo van may qualify if it has a fully enclosed driver's compartment and cargo area, no seating behind the driver's seat and no body section protruding more than 30 inches ahead of the leading edge of the windshield.
Don't forget to consider the following:
- The commercial Chevy vehicle can be new or used to qualify, but it must be new to you.
- You're allowed to be financing the vehicle with certain leases and loans. You could have also purchased it outright.
- The commercial Chevy vehicle must be used for your business at least 50% of the time.
- You can only claim Section 179 during the tax year in which the vehicle was placed in service, meaning whenever it became readily available to you.
- If the vehicle was used as a personal vehicle first and then put into business use, it won't qualify.