Last Chance To Claim $7,500 Federal Tax Credit On Chevrolet Bolt EV


Last Chance To Claim $7,500 Federal Tax Credit On Chevrolet Bolt EV

If you are thinking about a new Chevrolet Bolt, you should know that March 2019 is your last chance to take advantage of the $7,500 Federal Tax Credit with your purchase. That is because the Federal EV Tax Credit on the Chevy Bolt is getting slashed on March 31, 2019 as part of the phase out plan. 

The Federal EV Tax credit was originally implemented under the Obama Administration, back in 2009, to help subsidize electric vehicle sales while the new infrastructure was developed and the cost of battery technology decreased.

The legislation provided a cap of 200,000 vehicles sold for each manufacturer, at which point a phase out period would ensue. Tesla hit this threshold in the second half of 2018 and the Chevrolet Bolt (or more precisely Chevrolet plug-in vehicles) hit the cap in January of 2019. To date, these are the only two manufacturers to hit this mark.

Based on the current tax code, the phasing out commences at the end of the quarter following the quarter in which an automaker delivers its 200,000th EV unit in the United States.

So as a result of hitting the 200,000 vehicle mark, a graduated decrease in the federal tax credit begins on April 1, 2019 when it will decrease the Bolt EV tax credit from $7,500 to $3,750. The credit will decrease again on October 1, 2019 to $1,875 until the credit phases out completely on March 31,2019.

The phase out was always a part of the original plan and the growth of electric vehicles in the US will certainly continue to grow over the next decade.

GM has already unveiled plans it that will release more than 20 electric vehicles by 2023, as GM chairman and CEO Mary Barra told reporters that the company was "committed to an all-EV future and continue to work in that direction."

Now Is The Best Time To Buy A 2019 Chevy Bolt In Massachusetts

Here at Muzi Chevy, we are one of the top Bolt EV dealers in the New England and continue to support the growth of the electric vehicle market and the Chevrolet Bolt.

To help with the push at the end of the EV tax credit, we are offering our customers up to $10,000 off MSRP on the new 2019 Chevy Bolt, this March. The combination of the $10,000 dealer discount, $7,500 tax credit with the Massachusetts $1,500 rebate make this March the best time to buy a 2019 Chevy Bolt in Massachusetts. We also have some incredible Chevy Bolt lease deals on both the Premier and LT.

If you have any questions at all about these changes please do not hesitate to reach out to our Electric Vehicle Specialist, Rob Roderick at rroderick@muzimotors.com or you can call him directly at 781-292-3446.

We’ll be sure to keep all of our customers in the Greater Boston, MA area up to date with the latest developments on Chevrolet electric vehicles and the Federal EV tax credit.

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