Will the new Chevy Blazer EV qualify for tax credit?
The new Chevy Blazer EV, an all-electric version of the popular SUV, may qualify for federal tax credits under the Inflation Reduction Act (IRA) passed in 2022. However, the eligibility criteria are complex and depend on several factors, including the vehicle's price, battery capacity, and the buyer's income.
Understanding the Inflation Reduction Act Tax Credits
The IRA introduced new tax credits for the purchase of electric vehicles (EVs), including the Chevy Blazer EV. The credits are designed to incentivize the adoption of clean energy technologies and reduce greenhouse gas emissions. The tax credits can be worth up to $7,500 for eligible vehicles, but the exact amount depends on the specific model and the buyer's financial situation.
Eligibility Criteria for the Chevy Blazer EV
To qualify for the full $7,500 tax credit, the Chevy Blazer EV must meet the following criteria:
- The vehicle's manufacturer's suggested retail price (MSRP) must be below $80,000 for SUVs and trucks.
- The buyer's modified adjusted gross income (MAGI) must be below $150,000 for single filers or $300,000 for joint filers.
- The vehicle must have a battery capacity of at least 7 kilowatt-hours (kWh).
- The vehicle must be assembled in North America.
Based on the information available, the Chevy Blazer EV is expected to meet these requirements, making it eligible for the full $7,500 tax credit. However, it's important to note that the final eligibility determination will depend on the specific details of the vehicle and the buyer's financial situation.
Potential Limitations and Considerations
While the Chevy Blazer EV may qualify for the tax credit, there are a few potential limitations and considerations to keep in mind:
- The tax credit is non-refundable, meaning it can only be used to offset the buyer's tax liability. If the buyer's tax liability is less than the credit amount, they will not receive the full $7,500 back.
- The tax credit is subject to phase-out based on the manufacturer's sales volume, and it may not be available for all Chevy Blazer EV models or trims.
- The eligibility criteria and credit amounts are subject to change, so it's important to stay up-to-date on the latest information from the IRS and Chevy.
Overall, the new Chevy Blazer EV appears to be a strong contender for the federal tax credit under the Inflation Reduction Act, but buyers should carefully review the eligibility requirements and their own financial situation to determine if they can take advantage of the incentive.
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.
Has lifted a stop sale order on its Blazer EV electric SUV?
General Motors today announced that it has lifted the stop sale order on the Chevrolet Blazer EV. Chevrolet issued the order to suspend sales a little over two months ago because the electric SUV was suffering from technical and software problems, which generally affected the infotainment system.
Will Chevy Blazer EV qualify for federal tax credit?
New Blazer EV purchases qualify for a federal tax credit* or GMs Ultium Promise Bonus Cash* of up to $7,500 for eligible buyers, which can be applied toward the vehicle price at the time of sale by qualified and participating dealers.
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 |
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.
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.
Does Chevy still have EV tax credit?
Yes, the California Clean Fuel Reward offers up to $750 in savings with the purchase or lease of an eligible new Battery Electric (BEV) or Plug-in Hybrid (PHEV) vehicle. This can be combined with the federal tax credit.
Will Chevy Bolt qualify for tax credit in 2024?
The Chevrolet Bolt EUV qualified for the full $7,500 federal EV tax credit in 2023 and 2024.
How does EV tax credit work if I don't owe taxes?
If you don't owe any money on your income taxes, the only way to take advantage of the federal EV tax credit on a car is to transfer it to the dealership you're buying from. It then can be applied as a discount on the purchase.
How long will $7500 EV tax credit last?
The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032. The credit is available to individuals and their businesses.
