Section 179 Tax Deduction for Georgia Businesses

Do you own a small business and are looking to purchase Chevrolet vehicles professional purposes? Under Section 179 you may be eligible to deduct up to 100% of your purchase price, and Jim Ellis Chevrolet has your back. Contact our sales team at 678-387-5780 to discuss your eligibility and options, and we can help source you the best vehicles to suit your need.

What is the Section 179 Deduction?

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full price from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.

How Section 179 Works

It allows your business to write off the entire purchase price of qualifying equipment for the current tax year. Businesses have used Section 179 to purchase needed equipment right now, instead of waiting. For most small businesses, the entire cost of qualifying equipment can be written-off on the 2023 tax return (up to $1,160,000).There are caps to the total amount written off ($1,160,000 for ), and limits to the total amount of the equipment purchased ($2,890,000 in ). The deduction begins to phase out on a dollar-for-dollar basis after $2,890,000 is spent by a given business (thus, the entire deduction goes away once $4,050,000 in purchases is reached), so this makes it a true small and medium-sized business deduction.

Who Qualifies for Section 179?

All businesses that purchase, finance, and/or lease new or used business equipment during tax year 2023 should qualify for the Section 179 Deduction (assuming they spend less than $4,050,000). To qualify for the Section 179 Deduction, the equipment and/or software purchased or financed must be placed into service between January 1, 2023 and December 31, 2023.

For 2023, $1,160,000 of assets can be expensed; that amount phases out dollar for dollar when $2,890,000 of qualified assets are placed in service.

Consult with your accountant or tax professional for tax advice and your exact qualifications.

Up to 100% of Purchase Price

(No Per-Vehicle/Aggregate Limitation)

Chevy Express Cargo Van
Chevy Express Cutaway
Chevy Express Passenger Van (12 to 15 passenger seating capacity)
Chevy Low Cab Forward
Chevy Silverado 1500 (Standard or Long Bed models)
Chevy Silverado 2500 HD (Standard or Long Bed models)
Chevy Silverado 3500 HD (Standard or Long Bed models)
Chevy Silverado 4500 HD
Chevy Silverado 5500 HD
Chevy Silverado 6500 HD
Chevy Silverado HD Chassis Cabs

Up to $25,000 Plus Up to 80% of Remaining Purchase Price

(Plus Standard Depreciation Deduction)

Chevy Blazer
Chevy Colorado (All models except 2WD with a GVWR of 5,800 pounds)
Chevy Express Passenger Van (Five passenger seating capacity)
Chevy Silverado 1500 (Short Bed models)
Chevy Suburban
Chevy Tahoe
Chevy Traverse
Up to $20,200 Per Vehicles (No Aggregate Limitation)
Chevy Bolt EV (May qualify for additional EV incentives)
Chevy Bolt EUV (May qualify for additional EV incentives)
Chevy Camaro
Chevy Colorado (2WD models with a GVWR of 5,800 pounds)
Chevy Corvette
Chevy Equinox
Chevy Malibu
Chevy Trailblazer
Chevy Trax

Explore Tax Deductions & Incentives With Jim Ellis Chevrolet’s Finance Team!

Ready to see if your future Sandy Springs fleet qualifies for the above Chevy tax deductions? Contact Jim Ellis Chevrolet! Our Chamblee finance experts will be happy to walk you through eligibility requirements, model requirements, and more so you can keep your business in the black.