2020 Chevrolet Bolt EV Federal Tax Credit
Can I get a federal tax credit when I purchase the 2020 Chevrolet Bolt EV?
Right now, you can receive a federal tax credit when you purchase a 2020 Chevrolet Bolt EV. You can receive up to $1,875 back on your purchase of the electric vehicle. While the federal tax credit used to be more, it fell last year and will be gone completely after March 31, 2020. Below, you can learn more about this federal tax credit.
How long will the Federal Tax Credit for the Chevrolet Bolt EV last?
The Chevrolet Bolt EV tax credit will be available through March 31, 2020. After that, no tax credit will be available, which is why we encourage our customers to go electric sooner rather than later. Take advantage of this deal from the federal government and choose an eco-friendly car at the same time.
Why is there a federal tax credit for the Chevrolet Bolt EV?
There is a federal tax credit for the Chevrolet Bolt EV because this vehicle is an all-electric vehicle that gives out zero gasoline emissions. Thus, this vehicle is good for the environment, and the federal government is rewarding people who choose to drive sustainably. Other electric Chevrolet vehicles that may be eligible for a tax credit include the Chevrolet Volt and the Chevrolet Spark EV.
Is there a state tax credit for electric vehicles in Tennessee?
Some states do offer their own tax incentives to further encourage drivers to choose a sustainable electric vehicle. Unfortunately, the state of Tennessee does not offer its own tax credit for electric vehicles, which means that only the federal tax incentive is available in our state. This gives you even more reason to act while the federal tax incentive is available. While there are no state incentives, there is a private incentive for KUB residential customers to install a charging station. You can review Tennessee laws and incentives relating to alternative fuel vehicles here.
Frequently asked questions about electric vehicle tax incentives
You can find answers to frequently asked questions about electric vehicle tax incentives on fueleconomy.gov. Use this site to learn about the difference between a deduction and a credit, where to find state information, and more.