EV models are the wave of the future. Many manufacturers, including Chevrolet, want to convert their lineups into all-electric models in the coming decades. However, since many shoppers are still reluctant to buy an EV, tax incentives are offered. The state and federal governments may offer you a tax break, so continue reading to see what's offered.
Available Tax Incentives
The state does not offer tax incentives for purchasing an EV model in Arkansas. However, the federal government does. The Federal EV Charger Tax Credit allows a one-time nonrefundable credit of up to $1,000 on EV charging equipment. Also, shoppers may qualify for a credit of up to $7,500 with the purchase of a new EV model.
Eligible Recipients
To qualify for an EV tax credit, individuals or their businesses must purchase the model for use in the U.S. Also, your adjusted gross income (AGI) can't exceed a certain amount.
- $300,000 for married couples
- $225,000 for heads of households
- $150,000 for all other filers
How to Claim the Credit
To claim the tax credit for a new EV and the charging equipment, there are several forms to fill out. Claiming the vehicle credit requires filing form 8936 with your tax return and providing your vehicle's VIN. For the charging equipment, you need to fill out IRS form 89112. The tax credit applies to both residential and commercial installations.
Qualified Chevy Models
Interested in buying a Chevy EV? If so, you may be interested to learn that the Chevrolet Equinox EV and Blazer EV models are currently eligible for all eligible tax credits.
Shop for an EV at Our Fayetteville Dealership
Want to make the switch to an electric vehicle? Come to Chevrolet of Fayetteville, where you can find great models and get tax incentives for your purchase. Our team will help you find the perfect ride and answer any questions you have along the way, so buy your next at our dealership.
