What Should Buyers in Frisco Know About the Federal EV Tax Credit and How It Can Lower Your Costs?
The federal government offers a Clean Vehicle Credit of up to $7,500 to support the purchase of new electric vehicles. At Stonebriar Chevrolet, we’re here to help you understand this incentive and how it can reduce your out-of-pocket expenses.
To take advantage, you need to meet certain vehicle, income, and timing requirements.
How Is the $7,500 Federal EV Tax Credit Divided, and What Does That Mean for Your Chevy EV Purchase?
The total $7,500 credit is split into two equal parts, each tied to specific sourcing requirements:
- $3,750 applies if the vehicle’s battery components meet manufacturing and sourcing standards.
- $3,750 applies if the critical minerals in the battery meet federal sourcing guidelines.
Qualifying for both parts means you receive the full $7,500 credit. Meeting only one results in a partial credit, and meeting neither means no credit.
What Are the Vehicle and Buyer Eligibility Requirements You Must Meet to Qualify for the EV Tax Credit?
To be eligible for the credit, both the vehicle and the buyer must meet specific criteria.
Vehicle requirements include:
- Must be new at time of purchase
- Battery capacity of at least 7 kilowatt-hours
- Final assembly in North America
- MSRP limits: $80,000 or less for trucks, SUVs, and vans; $55,000 or less for other vehicles
- Manufactured by a qualified automaker
Additionally, the sale must be reported to the IRS, and income limits for buyers apply.
Why Is It Important for Frisco Shoppers to Act Quickly Before These Federal Incentives Expire?
The Clean Vehicle Credit program expires on September 30, 2025, unless renewed by Congress. After this date, the credit won’t apply at the point of sale and must be claimed on your tax return, delaying savings.
The tax credit for home EV charger installation ends on June 30, 2026. Acting promptly helps you maximize savings on both your vehicle and charger installation.
How Can Stonebriar Chevrolet Assist You in Navigating EV Incentives and Maximizing Your Savings?
At Stonebriar Chevrolet in Frisco, TX, our team is ready to guide you through eligibility requirements, assist with paperwork, and help you select qualifying Chevrolet EVs.
We’re committed to helping you maximize your tax credit benefits and make a confident EV purchase.
Ready to Explore Chevrolet EV Options and Save with Federal Incentives?
Contact Stonebriar Chevrolet today to learn more about eligible vehicles and how to claim your federal tax credits before they expire.
