Section 179 Tax Savings

Your Tax Dollars at Work

Write Off Your Next Business Vehicle Under This Savings-Friendly Tax Depreciation Law

Get your next work vehicle from Gengras Chevrolet at a more affordable price. Section 179 tax benefits help Hartford businesses save money on eligible vehicles and work equipment.

Don't let the asset depreciate! Write off your next vehicle from our Chevrolet dealership in East Hartford, CT as a business expense. Enjoy this government tax deduction at Gengras Chevrolet, where we aim to help local Connecticut companies thrive.

Section 179 at a Glance for 2021

2021 Tax Deduction Limit = $1,050,000

New and used work equipment is eligible for this deduction, which can be taken for the 2021 tax year if Hartford businesses have put the equipment into service and financed or purchased the vehicle between January 1, 2021 and December 31, 2021.

Equipment Purchase 2021 Spending Cap = $2,620,000

After reaching this amount, the Section 179 Tax Deduction is reduced on a dollar-for-dollar basis. This small business tax incentive helps Bristol businesses. There's no tax deduction after the $3,670,000 limit.

Bonus Depreciation: 100% for 2021

Once the spending cap is reached, the Bonus Depreciation - available for new and used work equipment - goes into effect.

What Is the Section 179 Tax Deduction & How Does It Help My Hartford Business?

Under Section 179 of the U.S. Internal Revenue Code, this business tax code helps Hartford businesses or workers deduct the vehicle's full purchase price from their gross income. This tax depreciation law is a U.S. government incentive encouraging New Britain businesses to buy equipment and invest in themselves and their company.

If Middletown customers buy or lease eligible equipment and put it into use during the year, they can write it off as a business expense for that tax year.

 

What Connecticut Businesses Can Qualify for the Section 179 Tax Deduction?

Connecticut businesses may be eligible to take advantage of the Section 179 tax deduction if:

  • Their company purchased or financed eligible vehicles or equipment for work use during the current tax year
  • They use the equipment or vehicle for business needs more than 50% of the time
  • Spend less than $3,670,000 hard-cap limit on equipment

Buy New Chevrolet Trucks & Other Business Vehicles Eligible for the Section 179 Tax Deduction

Save thousands of dollars on Chevrolet work trucks and other eligible Chevy vehicles. You get tax savings for your business now, instead of less money back as the asset depreciates.

Gengras Chevrolet sells a wide variety of new Chevrolet trucks and used Chevy pickups that make for great work vehicles at your Hartford job site. Explore new Chevrolet Silverado 1500 trucks or high-performance pickups like the Chevrolet Silverado 2500 HD and Chevy Silverado 3500 HD.

Our commercial inventory in East Hartford, CT has several outfitted vehicles tailored to the needs of your small business. Some Chevrolet SUVs and cars are even eligible for this government tax incentive.

Contact Gengras Chevrolet with a call or click to learn more about purchasing work equipment that you can write off this tax year!

How Can We Help?

  1. Gengras Chevrolet

    585 CONNECTICUT BOULEVARD
    EAST HARTFORD, CT 06108

    • Sales: 860-856-8547
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