What is the tax incentive for the Chevy Bolt?
The Chevy Bolt, an all-electric vehicle (EV) produced by General Motors, is eligible for a federal tax credit of up to $7,500. This tax incentive is designed to encourage the adoption of electric vehicles and reduce greenhouse gas emissions.
Understanding the Chevy Bolt Tax Credit
The federal tax credit for the Chevy Bolt is part of a broader program that provides incentives for the purchase of plug-in electric vehicles. The credit is available to buyers who purchase a new Chevy Bolt and meet certain eligibility requirements.
- The tax credit is worth up to $7,500, depending on the battery capacity of the vehicle.
- The credit is non-refundable, meaning it can only be used to offset the buyer's federal income tax liability.
- The credit is available for the first 200,000 plug-in electric vehicles sold by each manufacturer.
- The credit phases out over the course of a year once a manufacturer reaches the 200,000-vehicle threshold.
To qualify for the Chevy Bolt tax credit, the buyer must have a federal income tax liability of at least $7,500. The credit can be claimed on the buyer's federal income tax return for the year in which the vehicle was purchased.
Factors Affecting the Tax Credit
The amount of the tax credit for the Chevy Bolt can be affected by several factors, including the buyer's income level and the specific features of the vehicle.
- The credit is reduced for buyers with higher incomes, with a phase-out range starting at $200,000 for single filers and $250,000 for joint filers.
- The credit is also affected by the battery capacity of the Chevy Bolt, with a higher capacity resulting in a larger credit.
- The credit is only available for the first 200,000 plug-in electric vehicles sold by each manufacturer, after which it begins to phase out.
It's important for buyers to carefully review the eligibility requirements and calculate the potential tax credit before purchasing a Chevy Bolt.
What is the $4,000 EV credit?
Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit. The credit equals 30% of the sale price up to a maximum credit of $4,000.
Why am I not getting the full 7500 EV tax credit?
To qualify for the full $7,500 federal EV tax credit, the EV you purchase has to be brand-new and assembled in North America.
How to claim $7500 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 there a tax credit for buying a Chevy Bolt?
Tax and utility savings
A purchaser of a qualified electric vehicle may qualify for a federal Qualified Clean Vehicle or Qualified Commercial Clean Vehicle income tax credit* of up to $7,500. Buying an EV may qualify you for state tax incentives based on where you live.
Does Chevy Bolt qualify for $7,500 rebate?
The Chevrolet Bolt EUV qualified for the full $7,500 federal EV tax credit in 2023 and 2024.
Does the Chevy Volt qualify for the tax credit?
Used plug-in hybrids EVs that qualify for tax credits
| Make/Model/Year(s) | Full Tax Credit |
|---|---|
| CADILLAC (GM) | |
| ELR (2014-2016) | $4,000 |
| CHEVROLET (GM) | |
| Volt (2011-2019) | $4,000 |
What is the income limit for the $7500 EV tax credit?
New Car Buyer Income Limits for EV Tax Credits
Joint tax returns or surviving spouse: $300,000. Head of household: $225,000. Individual or any other filing status: $150,000.
How does a tax credit work?
A credit is an amount you subtract from the tax you owe. This can lower your tax payment or increase your refund. Some credits are refundable — they can give you money back even if you don't owe any tax. To claim credits, answer questions in your tax filing software.
Can I get EV tax credit with high income?
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.
What is the income limit for the 7500 EV tax credit?
Taxpayer income
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.
