Does Your EV Qualify For A $7,500 Federal Tax Rebate?

Does Your EV Qualify For The $7,500 Federal Tax Credit?

Some great savings are available now! 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. Now that’s some serious bang for your buck. The cost of Chevy EV cars is already very affordable, but this tax credit puts even more money back in your pocket. Learn more about claiming your Chevrolet Federal Tax Credits now at Mike Anderson Chevrolet Chicago! 

Electric Vehicle Tax Credit

According to the U.S. Department of Energy, all electric and plug-in hybrid cars purchased in or after 2010 may be eligible for the federal tax credit. However, 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 EV and Chevy Bolt EUV. 

How to Claim Your Chevy EV Tax Credit

To claim your $7,500 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 hybrid model. If your specific Chevrolet model meets the requirements, you can fill out Form 8936:Qualified Plug-in Electric Drive Motor Vehicle Credit.

Tax Credit Eligibility Requirements 

Before you fill out the form, you should consider that there are several requirements your vehicle must meet for it to qualify. These requirements include: 

  • 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.

Test Drive an EV Today at Mike Anderson Chicago!

Looking for a Chicago Chevy dealer? At Mike Anderson Chevrolet of Chicago, we are one of the area’s premier Chevrolet dealerships with a huge selection of Chevy cars, trucks, and SUVs for you to choose from. Chevy financing is also available for qualified purchasers. Stop in today to learn more about your eligibility for the Chevy Bolt tax credit! 

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