Can You Claim The $7,500 EV Federal Tax Credit?
Get ready for even more savings! When you purchase or lease a Chevrolet electric vehicle, you may be eligible for up to a $7,500 federal tax credit with possible additional state incentives. That’s some serious bang for your buck. Chevy EV cost is already super affordable, and this tax credit puts even more money in your pocket. Stop in to Smith Chevrolet Indiana to claim your Chevy EV tax credit today!
Electric Vehicle Tax Credit
All-electric and plug-in hybrid cars purchased in or after 2010 may be eligible for the federal tax credit, according to the U.S. Department of Energy. The credit amount varies based on the vehicle’s battery capacity. Internal Revenue Code Section 30D provides an income tax credit of $7,500 for the purchase or lease of electric vehicles, like the Chevy Bolt, Silverado EV, Blazer EV, Equinox EV, and Corvette E-Ray.
How to Claim Your Chevy Electric Vehicle Tax Credit
To claim your federal tax credit, simply go to this page on the U.S. Department of Energy’s website. Once on the page select “Chevrolet” in the Manufacturer dropdown menu and find your Chevy electric or plug-in model. If your specific Chevrolet model meets the requirements, you can fill out Form 8936:Qualified Plug-in Electric Drive Motor Vehicle Credit.
Eligibility Certification Requirements
There are several requirements your vehicle must meet for it to qualify, including:
- The vehicle must be made by a manufacturer (i.e., it doesn’t include conventional vehicles converted to electric drive).
- It must be treated as a motor vehicle for purposes of title II of the Clean Air Act.
- It must have a gross vehicle weight rating of not more than 14,000 lbs.
- It must be propelled to a significant extent by an electric motor which draws electricity from a battery which has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity.
- The original use of the vehicle commences with the taxpayer—it must be a new vehicle.
- The vehicle is acquired for use or lease by the taxpayer, and not for resale. (The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.)
- The vehicle is used mostly in the United States.
- The vehicle must be placed in service by the taxpayer during or after the 2010 calendar year.
Visit Smith Lowell!
Looking for a Chevy dealer near me? Visit Smith Chevrolet Dealer Lowell today for all your needs, whether you’re looking for a new or used car, need to schedule service, or want to trade-in your vehicle today! Our unmatched service and diverse Chevrolet inventory have set us apart as the preferred dealer among Chevy dealers Lowell, Indiana. Visit us to check out electric 2024 Chevy models and see how you can save with a $7,500 federal tax credit today!