Does Chevy Equinox EV get tax credit?
Yes, the Chevy Equinox EV is eligible for a federal tax credit of up to $7,500 under the current electric vehicle (EV) incentive program in the United States. This tax credit can help offset the cost of purchasing the all-electric Equinox SUV.
Qualifying for the EV Tax Credit
The Chevy Equinox EV qualifies for the federal EV tax credit because it meets the requirements set by the Internal Revenue Service (IRS). To be eligible, an EV must have a battery capacity of at least 7 kilowatt-hours and be manufactured in North America. The Equinox EV, with its large battery pack and U.S. production, satisfies these criteria.
The exact amount of the tax credit depends on the Equinox EV's battery capacity, as well as the buyer's individual tax situation. The maximum credit of $7,500 is available for EVs with battery packs of 16 kilowatt-hours or more. Vehicles with smaller battery packs receive a proportionally lower credit.
Claiming the Tax Credit
- The EV tax credit is claimed when filing your federal income tax return.
- You must purchase the Equinox EV, as the credit is not available for leased vehicles.
- The credit is non-refundable, meaning it can only be used to offset your tax liability, not to receive a refund.
- If your tax liability is less than the credit amount, you can carry over the unused portion to future tax years.
It's important to note that the EV tax credit program is subject to change, and the availability and amount of the credit may be modified in the future. Buyers should check the latest information from the IRS or their tax professional to ensure they qualify for the full credit.
What is the salary limit for a 7500 EV tax credit?
The EV tax credit income limit for married couples filing jointly is $300,000. And, if you file as head of household and make more than $225,000, you also won't be able to claim the electric vehicle tax credit. The EV credit income limit is $150,000 for all other filing statuses.
Which EVS are eligible for $7,500 tax credit?
Which EVs and PHEVs Are Eligible for a Federal Tax Credit?
| Model Year/Vehicle | Credit Available | Retail Price Cap |
|---|---|---|
| 2023-25 Ford F-150 Lightning EV | $7,500 | $80,000 |
| 2025 Genesis Electrified GV70 EV | $7,500 | $80,000 |
| 2024-25 Honda Prologue EV | $7,500 | $80,000 |
| 2025 Hyundai Ioniq 5 EV | $7,500 | $80,000 |
What is the difference between the 2024 and 2025 Equinox EV?
Appearance. The 2024 Equinox has a sleek look with a flowing definition that angles across the sides. The front has a strongly angled hood with a wide, curved grille that fades into the sectioned LED headlights. In 2025, the look includes a boxier shape with a squared-off nose and sharp-angled fenders.
Why are GM EVs not eligible for tax credit?
GM lost access to EV tax credits for nearly all of its models on Jan. 1 when new battery sourcing rules from the U.S. Treasury made many EVs ineligible. GM has since regained eligibility for many EVs including the Blazer EV and Cadillac Lyriq after it made sourcing changes.
Does Chevy Volt qualify for EV tax credit?
Used plug-in hybrids EVs that qualify for tax credits
| Make/Model/Year(s) | Full Tax Credit |
|---|---|
| CHEVROLET (GM) | |
| Volt (2011-2019) | $4,000 |
| CHRYSLER | |
| Pacifica PHEV (2017-2022) | $4,000 |
Can Chevy Equinox EV use a Tesla supercharger?
Magic Dock Locations
Tesla has recently started adding Magic Dock adapters at some of its Supercharger locations. These Magic Docks are compatible with non-Tesla EVs, allowing vehicles like the Equinox EV to connect to Tesla Superchargers at select locations.
Is the Chevy Bolt eligible for the $7500 tax credit?
As of early 2024, Chevy EVs that qualify for tax credit include the Chevy Bolt EV and Chevy Bolt EUV. As more information becomes available, the Chevy Silverado EV, Chevy Equinox EV, and Chevy Blazer EV are expected to qualify as well.
What EVs do not qualify for tax credits?
The Rules. To qualify for a tax credit of up to $7,500, a new EV or eligible plug-in hybrid electric vehicle (PHEV) must meet certain rules: A vehicle's MSRP must not exceed certain limits, so pricey EVs like the GMC Hummer EV, Lucid Air, and Tesla Model S won't qualify.
Is Chevy Equinox EV eligible for tax credit?
Act now! Equinox EV may still qualify for a federal tax credit* up to $7,500 for eligible buyers. See details.
What is the best electric car to buy right now?
Best electric cars at a glance:
- Best electric family car: Tesla Model 3 – find out more.
- Best affordable electric SUV: Renault Scenic E-Tech – find out more.
- Best electric style icon: Renault 5 E-Tech – find out more.
- Best electric performance car: Hyundai Ioniq 5 N – find out more.
