What Should Illinois Drivers Know About the EV Tax Credit?
The Clean Vehicle Credit offers up to $7,500 in federal tax savings when you buy a qualifying EV—but the program is set to end on September 30, 2025, unless extended by Congress. A separate tax credit for installing a home EV charger ends June 30, 2026. If you're considering going electric, now is the time to review eligibility.
How Is the $7,500 Credit Structured?
The full amount breaks into two parts:
- $3,750 for battery components sourced from North America
- $3,750 for critical minerals sourced from a qualifying country
Some Chevrolet EVs may meet both requirements, while others may only qualify for a partial credit. These requirements are vehicle-specific and can change from year to year.
What Makes a Chevy EV Eligible?
To qualify for the credit, your Chevy EV must:
- Be new at time of purchase
- Include a battery with 7 kWh or more capacity
- Be assembled in North America
- Be built by a qualified automaker
- Fall below the MSRP threshold:
- $80,000 for trucks, vans, SUVs
- $55,000 for other vehicles
- Be sold by a dealer who files the sale with the IRS
- Be purchased by someone within the income limits set by the IRS
Why Should You Act Before These Incentives Expire?
Delays could mean missing out. These federal programs are set to expire soon unless new legislation extends them. Waiting too long could reduce or eliminate your eligibility.
How Can Miles Chevrolet Help?
At Miles Chevrolet in Decatur, IL, we stay current on which Chevy models meet tax credit standards. Whether you're eyeing a Bolt EUV or Silverado EV, we can walk you through your options, explain the incentives, and help you stay ahead of the deadlines.
Explore Your EV Options Today
Connect with Miles Chevrolet to learn how the tax credit applies to your next EV purchase—and don’t miss your chance to take advantage of these time-sensitive benefits.
