Is the Chevy Bolt eligible for the federal tax credit?
Yes, the Chevrolet Bolt electric vehicle (EV) is eligible for the federal tax credit of up to $7,500. The Bolt qualifies for this incentive due to its all-electric powertrain and battery capacity.
Eligibility for the Federal EV Tax Credit
The federal tax credit for electric vehicles is available for qualifying plug-in electric drive motor vehicles, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). To be eligible, a vehicle must meet certain criteria, such as having a battery capacity of at least 5 kilowatt-hours (kWh) and being manufactured primarily for use on public streets, roads, and highways.
The amount of the tax credit depends on the vehicle's battery capacity, with a maximum credit of $7,500 for vehicles with a battery capacity of at least 16 kWh. The credit phases out once a manufacturer has sold 200,000 eligible vehicles in the United States.
The Chevrolet Bolt's Eligibility
The Chevrolet Bolt, a fully electric hatchback, meets the requirements for the federal EV tax credit. The Bolt has a battery capacity of 66 kWh, well above the 16 kWh threshold for the maximum $7,500 credit.
Additionally, the Bolt is manufactured primarily for use on public roads and is considered a passenger vehicle, further qualifying it for the tax credit.
Claiming the Tax Credit
- To claim the federal EV tax credit, the vehicle must be purchased new and placed into service during the tax year.
- The credit is claimed on the purchaser's federal income tax return, reducing the amount of taxes owed.
- The credit is non-refundable, meaning it can only be used to offset taxes owed, not to receive a refund.
- Individuals should consult with a tax professional to ensure they meet all the requirements and properly claim the credit.
In summary, the Chevrolet Bolt is eligible for the full $7,500 federal tax credit for electric vehicles due to its all-electric powertrain and battery capacity. Eligible buyers can claim this credit when filing their federal income taxes.
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 |
Will the 2024 Chevy Equinox EV qualify for tax credit?
The new Chevy Equinox EV must meet certain criteria to qualify for the federal tax credit, including a battery pack with a capacity of at least four kilowatt-hours, a gross vehicle weight rating of nearly 14,000 pounds, and a final assembly location in North America.
How much is the Chevy Bolt payout?
General Motors and battery supplier LG have agreed to provide owners of certain recalled Chevy Bolt electric cars $1,400 each to settle a class action lawsuit.
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 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 many times can you claim 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.
How much is the 2024 Chevy Bolt?
$27,495
2024 Chevrolet Bolt EV Price
The Chevy Bolt EV is available in two trim levels: 1LT and 2LT. The 1LT trim comes in at an MSRP of $27,495. The 2LT trim is offered at an MSRP price of $30,695. This is a great deal for drivers looking for their first EV.
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.
Is Chevy Bolt eligible for tax credit?
What's more, the Bolt EV is eligible for a variety of federal and state tax credits, rebates, and incentives that can potentially bring the price down to $8000 for qualifying drivers. Let's take a look at how you can get a brand new Chevy Bolt EV or Bolt EUV for $8k.
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.
