Is the Chevy Silverado EV eligible for tax credit?
Yes, the Chevy Silverado EV is eligible for the federal electric vehicle (EV) tax credit. The Silverado EV, Chevrolet's all-electric version of their popular full-size pickup truck, qualifies for up to $7,500 in federal tax credits for eligible buyers.
Eligibility for the Federal EV Tax Credit
The federal EV tax credit is a tax incentive program that provides a credit of up to $7,500 for the purchase of a new electric vehicle. To be eligible, the vehicle must meet certain criteria, including having a battery capacity of at least 5 kilowatt-hours and being assembled in North America.
- The Chevy Silverado EV has a battery capacity of over 200 kilowatt-hours, well exceeding the minimum requirement.
- The Silverado EV is assembled at General Motors' Factory ZERO plant in Detroit, Michigan, which qualifies it for the North American assembly requirement.
Additionally, the Silverado EV's MSRP is below the $80,000 limit for trucks, vans, and SUVs, further ensuring its eligibility for the full $7,500 tax credit.
Claiming the Tax Credit
To claim the federal EV tax credit, eligible buyers will need to file IRS Form 8936 when submitting their annual tax return. The credit can be used to offset the buyer's federal income tax liability, effectively reducing the net cost of the Silverado EV.
It's important to note that the availability and amount of the tax credit may be subject to change, as the program is periodically reviewed and updated by the U.S. government. Buyers should consult with a tax professional or the IRS for the most up-to-date information on the EV tax credit program.
Why aren't GM electric vehicles 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.
What is the $7500 Ultium promise bonus?
Chevrolet recently sent a bulletin to dealers on July 18, 2024, outlining how some versions of the new Silverado EV are eligible for the automaker's $7,500 GM Ultium Promise incentive. The incentive provides shoppers with a rebate of $7,500 on specific Silverado EV models that are ineligible for the federal tax credit.
Does the Chevy Bolt qualify for the $7,500 tax credit?
The Chevrolet Bolt EUV qualified for the full $7,500 federal EV tax credit in 2023 and 2024.
Does the Chevy Silverado EV qualify for tax credits?
Does the Chevy Silverado EV Qualify for the Tax Credit? Yes! Like the Chevy Equinox and Blazer, the EPA's Vehicle Eligibility Search tool shows that the Silverado EV qualifies for the full $7,500 credit amount.
How do I claim $7 500 EV tax credit?
Use Form 8936 to claim either the Qualified Plug-In Electric Drive Motor Vehicle Credit or the new Clean Vehicle Credit. The Qualified Plug-In Electric Drive Motor Vehicle Credit and the new Clean Vehicle Credit are each worth up to $7,500.
Is GM offering $7500 discount on EVs that don't qualify for tax credit in 2024?
General Motors will provide up to $7,500 in additional financial incentives for electric vehicles that became ineligible for federal clean energy vehicle tax credits in 2024, GM said last month in a letter to dealers, which was shared with Automotive Dive.
Which EVs are eligible for $7500 tax credit?
Here Is the EPA's List of EVs Eligible for the Federal Tax Credit
- 2024 Acura ZDX. Review, Price, Specs Acura.
- 2025 Cadillac Lyriq. Review, Price, Specs Cadillac.
- 2025 Cadillac Optiq.
- 2025 Chevrolet Blazer EV.
- 2025 Chevrolet Equinox EV.
- 2025 Chevrolet Silverado EV.
- 2025 Ford F-150 Lightning.
- 2025 Genesis Electrified GV70.
How much is the Silverado EV?
$58,995
The price of the 2025 Chevrolet Silverado EV starts at $58,995 and goes up to $97,895 depending on the trim and options.
What is the salary limit for a 7500 EV tax credit?
The taxpayer's modified adjusted gross income for either the current or prior year must be $300,000 or less for joint filers and surviving spouses, $225,000 or less for head of household filers, or $150,000 or less for other filers.
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 |
