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Buying a GM Electric Vehicle? Better Hurry Before The Tax Credit is Gone

The IRS announced today that General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018. This triggers a phase out of the tax credit available for purchasers of new General Motors plug-in electric vehicles beginning Apr. 1, 2019. 

Potential Bolt EV and Volt buyers have until the end of March (this weekend) to take delivery in order to claim the full tax credit.

Qualifying vehicles by the manufacturer are eligible for a $7,500 credit if acquired before April 1, 2019. 

Beginning Apr. 1, 2019, the credit will be $3,750 for General Motors’ eligible vehicles.

On October 1, 2019, the credit will be reduced to $1,875 for the next two quarters.

After March 31, 2020, no credit will be available.

Richard Pon CPA, CFP