Does Your EV Qualify For A $7,500 Federal Tax Rebate?
It’s tax season! And we have good news for you. Driving an electric vehicle can save you a ton on your tax return this year. You may be eligible for up to a $7,500 federal tax credit with possible additional state incentives when you purchase or lease a Chevrolet electric vehicle. Offering some serious bang for your buck, this tax credit puts even more money in your pocket. Plus, Chevy EVs are already super affordable. Learn more about Chevrolet federal tax credits now at Mike Anderson Chevrolet Merrillville today!
Federal 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 Chevy EV cars, like the Chevy Bolt EV and Chevy Bolt EUV.
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 to claim your tax credit.
Make Sure You’re Eligible
There are several requirements your electric 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 Mike Anderson Merrillville!
Let us be your resource! Whether you have questions about tax credits, financing, or our inventory, we’re here to help. At Mike Anderson Chevy Merrillville we have a staff of automotive experts and professionals to provide you with exceptional customer service no matter which department you need assistance from. Stop in today to learn more about the Chevy Bolt tax credit!