If you’re looking to buy a new electric vehicle, we recommend that you do it soon. Under new federal legislation, the new clean vehicle tax credit is set to end at the end of September of 2025.
The EV tax credit was beneficial to shoppers and automakers alike, and now that it’s ending, there’s no telling when we’ll see another opportunity like this to save on a new car. Good news is, there’s still plenty of time if you’re interested in buying a new Chevy or GMC EV of your own. Here’s everything you need to know.
When is the EV Tax Credit Ending?
The credit is set to expire on Tuesday, September 30th, 2025, but there may be a way to extend the deadline by just a bit.
Basically, the legislation that set the deadline for the EV tax credit says that it must be “acquired” by September 30th. However, the IRS recently stated that, in this context, the word “acquired” can simply mean that the customer has signed a binding contract and made some sort of payment.
If this sounds like murky territory, the important thing to know is this: if you plan to purchase an electric vehicle, you may be able to make use of the tax credit, even if the vehicle isn’t scheduled for delivery until after the credit ends. Contact your local Chevrolet GMC dealership to learn more.
How Do I Qualify for the EV Tax Credit?
In order for a shopper to qualify, the vehicle must be bought for personal use, not resale, and must be primarily used within the U.S. There are also stipulations for modified adjusted gross income (AGI):
- Married couples filing jointly or a surviving spouse: $300,000 or less
- Heads of households: $225,000 or less
- All others: $150,000 or less
You can use your AGI from the year the vehicle is delivered or the year before, even if one year is too high. Assuming you meet these requirements, you simply file the corresponding IRS form with your taxes and you’re good to go.
Which Chevrolet and GMC Vehicles Qualify for the EV Tax Credit?
In addition to the personal qualifications, the vehicle itself must meet certain requirements to get the maximum credit of $7,500.
To qualify for the new vehicle tax credit, the vehicle:
- Must be bought new
- Must have an MSRP of $80,000 or under (vans, SUVs, and pickup trucks) or an MSRP of $55,000 or under (all other vehicles)
- Must have a battery capacity of 7 kilowatt hours or more
- Must have a gross vehicle weight rating (GVWR) of 14,000 pounds or less
- Must be made by a qualified manufacturer
- Must be finally assembled in North America
- Must meet a requirement for critical minerals
- Must meet a requirement for battery assembly
The final two requirements for critical minerals and battery assembly are based on what percentage of those parts are sourced from specific places. Each one is worth $3,750, which means that both requirements have to be met to collect the full $7,500, but vehicles that don’t meet both are still eligible for half the total credit.
So, what does all of that mean for you when you visit our Chevy GMC dealership in Kewanee? Here are the Chevrolet and GMC models that can qualify:
- 2024 – 2026 Chevrolet Blazer EV
- 2024 – 2026 Chevrolet Equinox EV
- 2025 – 2026 Chevrolet Silverado EV
- 2026 GMC Sierra EV
Browse our selection of new vehicles for sale to find these models and more, and don’t forget to check our new vehicle specials to find even more ways to save big-time.
Chevrolet and GMC EVs for Sale in Kewanee, IL
Are you still not sure whether you qualify for tax credits on electric vehicles? Stop by Ed Morse Chevrolet GMC Kewanee and we’ll work with you to get the best possible deal on the vehicle of your choosing, whether it’s an EV or a good old fashioned gas guzzler. Contact us online or call us today at 877-590-8427.
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