Going with an electric car like the Chevrolet Bolt is an excellent choice if you're looking for a new, fuel-efficient vehicle. But, in addition to never needing to buy gas and doing your part for the planet, there’s another reason to consider an EV: a significant tax credit. This guide covers common federal and state-level tax credits for which the EVs at Keyes Chevrolet might qualify.
Federal Tax Credit
Currently, the federal government offers a tax credit of up to $7,500. Paying attention to that “up to” part is important because not everybody can claim the full amount.
Aside from your income, there are other factors involved. In addition to the actual vehicle, a large percentage of the battery components must also be made in North America. The cars must also have a battery size of at least 7 kWh and a gross vehicle weight rating of less than 14,000 pounds.
California Tax Credit
That $7,500 isn’t the only tax credit you may be able to get. In California, you might be eligible for a rebate between $2,000 and $4,500. A grant of up to $5,000 may also be available through the Clean Vehicle Assistance Program. The nice thing is that whatever you can get from California comes on top of what the federal government will give you.
Learn More About EV Tax Breaks
While recent legislation will help with EV adoption, it has also somewhat confused matters, your Chevy dealer is here to answer any EV-related questions. If you’re still wondering how the tax credits work for electric vehicles, contact Keyes Chevrolet near Los Angeles. You can also come down to inquire about upcoming models like the Chevy Equinox EV or test drive any of the EVs we have in stock.