IRS Confirms GM's EV Tax Phaseout
General Motors has sold more than 200,000 plug-in electrified vehicles, which will trigger a phase-out of a federal tax credit for purchasers of $7,500, the Internal Revenue Service has announced.
The IRS is phasing out GM's federal EV tax credit, which would apply to the Chevrolet Bolt EV (shown).
applies to the Chevrolet Bolt EV (pictured).[|CREDIT|]
Photo courtesy of GM.
General Motors has sold more than 200,000 plug-in electrified vehicles, which will trigger a phase-out of a federal tax credit for purchasers of $7,500, the Internal Revenue Service has announced. Reuters reported the news in January.
Qualified GM vehicles, including battery-electric vehicles and plug-in electric hybrids such as the Chevrolet Bolt EV and Chevrolet Volt, will be eligible for a $3,750 credit starting April 1, according to the March 26 release. On Oct. 1, the credit will be reduced to $1,875 for the next two quarters. After March 31, 2020, no credit will be available, according to the IRS.
A list of specific vehicles that are eligible for the credit is available at the IRS website.
The automaker becomes the second to reach the sales level, after Tesla Inc. reached 200,000 EVs sold in July.
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