Had your eye on a new GMC HUMMER EV Pickup or Sierra EV nearby? Don't wait to upgrade to an electric truck or SUV you love, because the federal EV tax credit is expiring on September 30th, 2025. The federal tax credit of up to $7,500 can mean significant savings on your electric vehicle purchase, and that chance expires at the end of September, so don't miss out!
Many North Carolina EV shoppers have had questions about federal and state EV tax credits, so the experts at our Buick and GMC dealer near Waxhaw have put together an EV tax credit FAQ to help. Whether you have further questions about the September deadline, or you want to shop new GMC EVs for sale nearby, the team at Griffin Buick GMC is here to help!
EV Tax Credit FAQs
What is the federal EV tax credit?
The federal EV tax credit is an incentive of up to $7,500 on qualifying new electric and plug-in hybrid models. Not all vehicles qualify for this federal incentive, so it's best to speak with our EV sales associates to see which new GMC vehicles are eligible.
Which Buick and GMC model qualify for the tax credit?
While Buick does not currently make an electric or plug-in hybrid vehicle, there are GMC EVs that qualify for the tax credit. These include:
- 2023-2025 GMC HUMMER EV SUV
- 2023-2025 GMC HUMMER EV Pickup
- 2024 GMC Sierra EV Denali Edition 1
- 2025 GMC Sierra EV
How long do I have to claim my EV tax credit?
The federal EV tax credit expires on September 30th, 2025. After that date, you can no longer leverage this incentive.
What is the new car loan interest rate tax deduction?
The new car loan interest rate deduction is an alternative way to save on your EV purchase. GMC buyers can deduct up to the first $10,000 of interest paid on new car loans. This incentive isn't just for EV models, but traditional ICE vehicles as well.
There are some eligibility requirements for this tax deduction, including:
- Income Limitations: You must have a modified adjusted gross income of less than $100,000 for single filers and $200,000 for joint filers.
- Vehicle Limitations: Qualifying vehicles must be new and weigh less than 14,000 pounds. Used cars do not qualify.
- Manufacturing Origins: Qualifying vehicles must be built in the United States.
Claim EV Tax Credits Near Waxhaw, NC
Contact Griffin Buick GMC to learn more about the September 30th deadline for federal EV tax credits. We can also walk you through the details of the new car loan interest rate tax deduction, so you can leverage every savings opportunity you qualify for.
While you're here, be sure to check out our own exclusive new GMC specials in North Carolina!
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