GM Section 179 Tax Deduction near Brookhaven, MS
GM Section 179 Tax Deduction near Brookhaven, MS
Are you a small- or medium-business owner looking to take your company to the next level? Come find out how you can expand your commercial vehicle fleet and write off up to 100% of the costs with the Section 179 tax deduction!1 What's Section 179? It's a tax code created by the IRS to help small businesses invest in themselves by allowing them to deduct the costs of vehicles used for company purposes at least 50% of the time. In order to claim Section 179 for the current tax year, your vehicle must be purchased and put into service by December 31, 2022, so hurry into our GMC and Chevy dealership near Brookhaven today.
Which Chevy Models Qualify for Section 179?
You can deduct up to 100% of the costs for several qualifying Chevy vehicles, as well as claim partial deductions for many traditional passenger vehicles. Eligible Chevrolet models for Section 179 include:
| Up to 100% of
Purchase Price (no per-vehicle or aggregate limitation)2 |
|---|
| Chevy Blazer |
| Chevy ColoradoChevy Silverado 3500 HD |
| 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)1 |
|---|
| Chevy Bolt EV |
| Chevy Bolt EUV |
| Chevy Camaro |
| Chevy Colorado |
| Chevy Corvette |
| Chevy Equinox |
| Chevy Malibu |
| Chevy Spark |
| Chevy Trailblazer |
| Chevy Trax |
Which GMC Vehicles Qualify for Section 179?
There are also many GMC vehicles that qualify for full or partial Section 179 tax deductions. The list of eligible GMC models for Section 179 includes:
| Up to 100% of
Purchase Price (no per-vehicle or aggregate limitation)2 |
|---|
| GMC Sierra 1500 |
| GMC Yukon |
| GMC Sierra 1500 Denali |
| GMC Yukon Denali |
| GMC Sierra 2500 HD |
| GMC Yukon XL |
| GMC Sierra 2500 HD Denali |
| GMC Yukon XL Denali |
| GMC Sierra 3500 HD Chassis Cab |
| GMC Acadia |
| GMC Savana Passenger, Cargo and Cutaway Vans |
| GMC Acadia Denali |
| GMC HUMMER EV |
| GMC Canyon4 |
| Up to $19,200
per vehicle (no aggregate limitation)1 |
|---|
| GMC Terrain |
| GMC Terrain Denali |
| GMC Canyon5 |
2022 Section 179 Tax Deduction Limits
Because the Section 179 tax write-off was designed with small businesses in mind, there are some limits in place to incentivize growth outside of big corporations. The Section 179 spending limits for 2022 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.