ATTENTION BUSINESS OWNERS: NOW IS THE TIME TO UPGRADE!
Take advantage of big time tax savings through federal Tax Code 179 when you upgrade your fleet before 2026! Right now, you can deduct up to 100% of the total purchase price of select Chevrolet trucks and vans used for your business on your 2025 tax return (up to $1,160,000!) Don't wait - contact the Chevrolet Business Elite pros at Jim Butler Centralia Chevrolet to secure the right vehicles for your fleet before the end of the year!
Section 179 deduction dollar limits. For tax years beginning in 2025, the maximum section 179 expense deduction is $1,250,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds 3,130,000. Also, the maximum section 179 expense deduction for sport utility vehicles place in service in tax years beginning in 2025 is $31,300.
Phase down of special depreciation allowance. The special depreciation allowance is 40% for certain qualified property acquired after September 27, 2017, and placed in service after December 31, 2024, and before January 1, 2026 (other than certain property with a long production period and certain aircraft). For property with a long production period and certain aircraft placed in service after December 31, 2024, and before January 1, 2026, the special depreciation allowance is 60%. The special depreciation allowance is also 40% for certain specified plants bearing fruits and nuts planted or grafted after December 31, 2024, and before January 1, 2026. See Certain Qualified Property Acquired After September 27, 2017 and Certain Plants Bearing Fruits and Nuts under What Is Qualified Property? in chapter 3.
Additions to 5-year property. Any qualified facility (as defined in section 45Y(b)(1)(A) of the Internal Revenue Code), any qualified property (as defined in subsection (b)(2) of section 48E of the Internal Revenue Code) which is a qualified investment (as defined in subsection (b)(1) of such section), or any energy storage technology (as defined in subsection (c)(2) of such section) that is placed in service after December 31, 2024, is 5-year property.
Deduct up to 100% of your Total Purchase on the Following Vehicles:
- SILVERADO 1500 (Standard or Long Beds)
- SILVERADO 2500HD (Standard or Long Beds)
- SILVERADO 3500HD (Standard or Long Beds)
- SILVERADO 4500HD
- SILVERADO 5500HD
- SILVERADO HD CHASSIS CABS
- LOW CAB FORWARD
- EXPRESS PASSENGER VAN (12 or 15 Passenger Van)
- EXPRESS CUTAWAY
- EXPRESS CARGO VAN
Deduct up to $25,000 plus up to 80% of the Remaining Purchase Price (plus standard depreciation deduction) on the Following Vehicles:
- BLAZER
- COLORADO (All models except 2WD with a GVWR of 5,800lbs)
- EXPRESS PASSENGER VAN (5 Passenger Seating)
- SILVERADO 1500 (Short Bed Models)
- SUBURBAN
- TAHOE
- TRAVERSE
Deduct up to $20,200 per vehicle (no aggregate limitation) on the Following Vehicles:
- COLORADO (2WD models with a GVWR of 5,800lbs)
- CORVETTE
- EQUINOX
- MALIBU
- TRAILBLAZER
- TRAX
Learn more about federal Tax Code 179 here.
*Disclaimer: Taxpayers may be entitled to US federal income tax deductions and/or credits for purchases of vehicles that are placed in service in a trade or business during 2025. Determining the proper income tax treatment of any vehicle purchase requires careful consideration of several factors including, but not limited to, the applicable tax laws, regulations and guidelines, the characteristics and attributes of the particular vehicle purchased and the purchaser's income tax situation. Each purchasers' tax situation is unique and the available tax benefits and the applicable federal tax laws, regulations and guidelines are subject to change without notice. Consult a tax professional for details and eligibility requirements. Images for illustration purposes only.