Frequently Asked Questions About the EV Tax Credit

If you're interested in leasing or purchasing a new electric vehicle, you're probably wondering how to take advantage of the federal EV tax credit. There are several incentives to push customers towards a zero-emission vehicle, and this tax credit of up to $7,500 is one of the best available. To learn more about the EV tax credit, visit Gillman Chevrolet GMC today.

 

How Does the EV Tax Credit Work?

Upon purchase of a qualifying electric or plug-in hybrid vehicle, you'll be provided with a nonrefundable tax credit. Starting in 2024, you can take the tax credit yourself or transfer the credit directly to our dealership. Choosing to transfer the credit will lower the price of the vehicle overall.

What Qualifies for the Credit?

There are limitations to which model you can select and how much the vehicle can cost. At our dealership, you can select from the Chevrolet Blazer, Chevrolet Bolt, or Chevrolet Bolt EUV. SUVs must have an MSRP of under $80,000 while sedans must be under $25,000.

Do Used EVs Qualify?

Some used EVs also qualify for the EV tax credit. You can only claim up to $4,000, capped at 30% of the purchase price. All used EVs must have at least a 7-kWh battery capacity, have only one previous owner, and be at least two years old.

How Do I Claim the Credit?

If you plan on claiming the credit yourself, you'll be required to fill out an extra section on your tax return. Be sure to keep all of the information from the purchase of your vehicle, including the date of sale, VIN, and statement from the dealership.

If you want to transfer the credit to our dealership, be sure to bring a valid taxpayer identification number to our GMC finance center. You will need to sign several forms that indicate you're fully eligible for the EV tax credit.

Find Out More About the EV Tax Credit in San Benito, TX

If you're ready to purchase a brand-new EV, contact our San Benito, TX, GMC dealership today. Our team of financial experts will be more than happy to answer any other questions you may have. Call us or schedule an appointment to get started.