Does Equinox EV qualify for tax credit?
Yes, the Equinox EV, Chevrolet's new all-electric compact SUV, does qualify for the federal electric vehicle (EV) tax credit. The Equinox EV is eligible for up to $7,500 in tax credits, making it a more affordable option for eco-conscious consumers.
Explaining the Equinox EV Tax Credit Eligibility
The Inflation Reduction Act, signed into law in 2022, expanded and extended the federal EV tax credit program. Under the new rules, the Equinox EV qualifies for the credit because it meets several key criteria:
- The Equinox EV is a new, all-electric vehicle with a battery capacity of at least 7 kWh.
- The vehicle's manufacturer's suggested retail price (MSRP) is below the $55,000 cap for SUVs.
- The Equinox EV is assembled in North America, which is a requirement for the full $7,500 credit.
- The buyer's modified adjusted gross income is below the $300,000 threshold for married couples filing jointly (or $150,000 for single filers).
As long as these conditions are met, Equinox EV buyers can claim the full $7,500 federal tax credit when filing their taxes.
Potential Limitations and Considerations
It's important to note that the EV tax credit program has some limitations and requirements that buyers should be aware of:
- The tax credit is non-refundable, meaning it can only be used to offset taxes owed, not to receive a refund.
- The credit is limited to the first 200,000 EVs sold by each manufacturer, after which the credit phases out.
- Buyers must have sufficient tax liability to claim the full credit; those with lower tax bills may only be able to claim a partial credit.
- The credit is subject to income limits, so higher-income individuals may not qualify.
Despite these potential limitations, the Equinox EV's eligibility for the federal tax credit makes it a more attractive option for many consumers looking to transition to an electric vehicle.
Which electric car is eligible for federal 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 |
How do I claim $7500 EV tax credit on TurboTax?
You can use Form 8936 to claim an electric vehicle tax credit for vehicles purchased and placed into service during the current tax year. Form 8936 is used for qualifying plug-in electric drive motor vehicles, including qualified two-wheeled plug-in electric vehicles.
How long does a Chevy Equinox EV battery last?
10 to 20 years
If you're looking to stay on the road as long as possible, you should know that the life of an electric car battery is 10 to 20 years on average! If you're looking for additional peace of mind, you should know that your EV battery life is guaranteed by an eight-year/100,000-mile warranty.
How many times can you claim EV tax credit?
Further, to qualify for the credit, you must purchase the EV for personal use, not for resale. Note that you can only get the previously owned EV tax credit once every three years. Also, you can't be a dependent on another person's tax return.
How much will the 2024 Chevy Equinox EV cost?
The 2024 Chevrolet Equinox EV is an all-new, all-electric compact SUV with an impressive maximum range of 319 miles. Pricing starts at $43,295. The 2024 Chevrolet Equinox EV combines a low starting price with the excellent range of pricier EVs.
How do I know if I qualify for EV tax credit?
Ownership Requirement
Consumers must retain ownership of the vehicle in California for a minimum of 30 consecutive months immediately after the vehicle purchase or lease date. Original lease terms of at least 30 months are required for program eligibility.
How to qualify for the full $7500 federal electric vehicle tax credit?
Vehicles meeting both the critical mineral and the battery component requirements are eligible for a total tax credit of $7,500. Vans, sport utility vehicles, and pickup trucks must not have an MSRP above $80,000, and all other vehicles may not have an MSRP above $55,000.
How many times can you get the 7500 EV tax credit?
The tax credit for new vehicle purchases can be claimed once per vehicle. There isn't a limit on how many times you can claim it in a year, so should you decide to purchase multiple new EVs, you can claim the tax credit for each purchase. With the used EV tax credit, you can only claim it once every three years.
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.
Does Chevrolet qualify for EV 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. Take advantage of this exciting opportunity to drive the future while saving money!
