2023 Automobile Tax Depreciation

Thanks to 2023 tax depreciation laws, your business may be eligible to immediately deduct up to 100% of the purchase price on qualifying Chevrolet vehicles purchased in 2023 for business use. To take the deduction for tax year 2023, the equipment must be financed or purchased and put into service between January 1, 2023 and the end of the day on December 31, 2023.

With these tax depreciation laws in place, there’s never been a better time to add the dependability of Chevrolet cars, trucks and SUVs to your small business. You may also be eligible for First-Year Bonus Depreciation.

Total Deduction Per Vehicle (No Aggregate Limitation): Bolt EV, Bolt EUV, Camaro, Colorado, Corvette, Equinox, Malibu, Trailblazer, Trax.

Plus up to 80% of the remaining purchase price (plus standard depreciation deduction): Blazer, Colorado, Express Passenger Van, Silverado 1500, Suburban, Tahoe, Traverse.

Total Deduction Per Vehicle (No Per-Vehicle or Aggregate Limitation): 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.

Refer to: www.section179.org for further information as it pertains to your business & 1st year bonus deductions. Consult your tax adviser. To learn more about current Chevrolet business incentives, contact us at (877) 420-7794 or visit https://www.chevrolet.com/commercial/tax-deductions.

Federal tax benefits are available for vehicles acquired for use in the active conduct of trade or business and may change or be eliminated at any time without notice and each taxpayer’s tax situation is unique; therefore, please consult your tax professional to confirm available vehicle depreciation deductions and tax benefits. For more information, visit www.irs.gov. This advertisement is for informational purposes only, and should not be construed as tax advice, or as a promise of availability or amount of any potential tax benefit or reduced tax liability. Passenger automobiles, as defined in the Internal Revenue Code (including SUVs, trucks and crossovers with a GVWR up to 6,000 lbs.), and placed in service during 2023 qualify for immediate depreciation deductions of up to $18,000 per vehicle. Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with GVWR over 6,000 lbs. and placed in service during 2023 qualify for immediate depreciation deductions of up to 100% of the purchase price. May be limited to certain Trims. GM reserves the right to make changes at any time, without notice, to prices, colors, materials, equipment, features, specifications, models, and availability.

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