Chevy Section 179 Tax Deduction Near Chaska, MN

If you're a small business owner, you know how important it is to find ways to save. There's no better opportunity to save on a new Chevy truck, SUV or van for your business's lineup of vehicles than by claiming the Section 179 tax deduction. This IRS tax code allows eligible businesses to write off up to the total purchase price of qualifying vehicles from their taxes, potentially saving you thousands of dollars!1

From Silverado and Silverado HD trucks to spacious SUVs and versatile vans, our Chevy dealership near Chaska has no shortage of fantastic company vehicles. Discover how easy and rewarding it can be to add to your fleet of vehicles with the Section 179 tax incentive!

2024 Chevy Silverado 1500
Silverado HD

What Are the 2024 Section 179 Tax Deduction Limits?

Small business owners can rejoice knowing the Section 179 tax deduction is here to help expand their operations affordably. This exclusive tax code, designed for small- and medium-sized businesses, allows for a partial or full write-off of vehicles' purchase prices from their taxes.

Pay attention to the Section 179 limits, spending cap and bonus depreciation for 2024:

  • 2024 Deduction Limit: $1,220,0001
    • Valid on new and used equipment (must be new to buyer) -- can be purchased or leased
  • 2024 Spending Cap: $3,050,0001
    • After this cap is reached, deduction is reduced on dollar-for-dollar basis
  • 2024 Bonus Depreciation: 60%1
    • Generally taken after Spending Cap is reached
    • Applicable to new and used vehicles
    • Tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets

Beyond being used for business purposes most of the time, the vehicle must also be placed into service no later than December 31, 2024, to qualify for this year's tax break.1 Consult with our Glencoe Chevy financing to ensure you have all the information you need.

Which Chevy Vehicles Qualify for Section 179?

No matter the type of business you run, you'll be pleased to know that a huge assortment of new Chevy trucks, vans, SUVs and more qualify for some form of deduction. Broken down by write-off percentage, the full list includes:

Up to 100% of purchase price1

  • Express Cargo Van
  • Express Cutaway
  • Express Passenger Van
  • Low Cab Forward
  • Silverado 1500
  • Silverado 2500 HD
  • Silverado 3500 HD
  • Silverado 4500 HD
  • Silverado 5500 HD
  • Silverado 6500 HD
  • Silverado HD Chassis Cabs

Up to $30,500 plus up to 60% of the remaining purchase price
(plus standard depreciation deduction)1

  • Blazer
  • Colorado
  • Express Passenger Van
  • Silverado 1500
  • Suburban
  • Tahoe
  • Traverse

Up to $20,400 per vehicle (no aggregate limitation)1

  • Camaro
  • Colorado
  • Corvette
  • Equinox
  • Malibu
  • Trailblazer
  • Trax

Tax credit up to $7,500 (Federal Qualified Clean Vehicle
or Qualified Commercial Clean Vehicle income tax credit)1

  • Blazer EV
  • Equinox EV
  • Silverado EV

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