What Is the Chevy Equinox EV Tax Credit and How Do I Qualify for It?

If you’re interested in purchasing an electric vehicle, you can qualify for a federal EV tax credit. This can help you lower the cost of eligible electric vehicles. Lester Glenn Chevrolet has the details of what the Chevy Equinox EV tax credit entails and how to claim it.

What Are the Criteria for the EV Tax Credit?

An electric vehicle must meet specific criteria to qualify for a non-refundable federal tax credit. For instance, if you’re purchasing an SUV or truck, its MSRP must be less than $80,000, while other vehicle types must cost less than $55,000. Other factors that determine a vehicle’s eligibility for a federal tax credit include:

• Battery capacity: To qualify for a tax credit, your vehicle must have a battery capacity of at least seven kWh.
• Gross vehicle weight rating: Eligible vehicles should have a gross vehicle weight rating of less than 14,000 lbs.
• Final assembly: Qualified vehicles must undergo final assembly in the United States.

Does the Chevy Equinox EV Qualify for the Tax Credit?

The Chevrolet Equinox EV is eligible for a federal tax credit of up to $7,500. One of the factors you must consider to qualify for a tax credit is your adjusted gross income limit. This amount shouldn’t exceed $350,000 for married couples filing jointly, $250,000 for heads of households, and $150,000 for other individual filers.

Claim Your Chevy Equinox EV Tax Credit in Toms River, NJ

Do you want to know if you qualify for the Chevy Equinox EV tax credit? Our finance experts at Lester Glenn Chevrolet are here to answer your questions. Contact our team to learn more today.

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