Chevrolet EV Tax Credit Guide: What You Can Claim in 2026
If you’re shopping for a new Chevy EV in 2026, the rules have completely changed—the familiar $7,500 federal tax credit is gone, but you may still qualify for a new tax deduction on your loan interest.
It’s a confusing time for EV buyers. One day, a $7,500 discount is on the table. The next, it vanishes. But don’t walk away from that Equinox EV or Silverado EV just yet—there are still ways to save, and this guide breaks it all down in plain English.
TL;DR
The federal $7,500 new-EV tax credit and the $4,000 used-EV credit both ended for vehicles purchased after September 30, 2025 . However, a new benefit replaced it: eligible buyers can deduct up to $10,000 per year in auto loan interest on qualifying American-made vehicles . The Chevy Equinox EV, Blazer EV, and Silverado EV all qualify for this deduction because they’re assembled in the U.S. . You may also be eligible for state-level incentives depending on where you live . For businesses, heavy-duty Chevy trucks may qualify for 100% first-year expensing under Section 179 .
Key Takeaways
- The $7,500 tax credit is gone: The One Big Beautiful Bill Act ended the federal EV tax credit for purchases after September 30, 2025 .
- New deduction: up to $10,000 in loan interest: If you finance a U.S.-assembled vehicle, you may deduct up to $10,000 in interest paid per year (tax years 2025-2028) .
- Income limits apply: Single filers with MAGI up to $100,000 and joint filers up to $200,000 are eligible for the interest deduction .
- Chevy EVs built in the U.S. qualify: Equinox EV, Blazer EV, and Silverado EV all meet the assembly requirement .
- State incentives still available: Programs remain active in California, Colorado, New York, New Jersey, and several other states .
- Business buyers may get big tax breaks: Section 179 expensing and bonus depreciation can cover up to 100% of a vehicle’s purchase price for qualifying trucks and SUVs .
The Big Picture: What Changed in 2025
For the past few years, buying a new EV meant you could count on a $7,500 federal tax credit. It made the math work for millions of buyers. But that ended on September 30, 2025, when Congress passed the One Big Beautiful Bill Act .
If you bought your Chevy EV before that date, you may still claim the credit on your taxes. If you’re buying now, that credit is no longer available .
The New Benefit: A $10,000 Interest Deduction
Here’s the good news: a new incentive took its place. Under the One Big Beautiful Bill Act, eligible buyers can now deduct up to $10,000 per year in interest paid on a qualifying new vehicle loan .
Who Qualifies for the Interest Deduction?
- Income limits: Single filers with modified adjusted gross income up to $100,000; joint filers up to $200,000 .
- Vehicle must be American-made: Final assembly must have taken place in the United States. You can verify this on the vehicle’s Monroney sticker under “Final Assembly Point” .
- Eligible Chevy EVs: Equinox EV, Blazer EV, and Silverado EV are all assembled in the U.S. and qualify .
This deduction applies to tax years 2025 through 2028, so if you’re financing a new Chevy EV, you could save significantly on your annual tax bill .
Which Chevy EVs Qualify for Which Benefits?
| Model | Assembled in U.S.? | Interest Deduction Eligible? | State Incentives? |
|---|---|---|---|
| Chevrolet Equinox EV | Yes | Yes | Varies by state |
| Chevrolet Blazer EV | Yes | Yes | Varies by state |
| Chevrolet Silverado EV | Yes | Yes | Varies by state |
The previous-generation Bolt EV and Bolt EUV are not currently in production. Check with your dealer for any remaining inventory’s eligibility.
What About State Incentives?
While the federal credit is gone, several states have stepped up with their own programs . Active state EV purchase incentives are currently available in:
- California
- Colorado
- New York
- New Jersey
- Oregon
- Massachusetts
- Vermont
- Illinois
The amounts and eligibility requirements vary significantly by state, so check your state’s program before you buy .
Tax Benefits for Business Owners
If you’re buying a Chevy EV for your business, you may be in luck. Section 179 expensing and bonus depreciation allow businesses to deduct up to 100% of the purchase price of qualifying vehicles in the first year .
Which Chevy vehicles qualify for 100% expensing?
- Silverado 1500 (Standard or Long Bed)
- Silverado 2500 HD / 3500 HD
- Silverado 3500 HD Chassis Cab
- Express Cargo Van
- Express Passenger Van (10+ passenger seating)
What qualifies for partial expensing?
- Silverado 1500 (Short Bed)
- Blazer, Suburban, Tahoe, Traverse, Colorado
- Silverado EV, Equinox EV, Blazer EV
Why this matters: A business that buys a qualifying heavy-duty Chevy truck can potentially write off the entire purchase price in the year it’s bought, dramatically reducing taxable income .
Frequently Asked Questions
1. Is the $7,500 EV tax credit still available in 2026?
No. The federal $7,500 new-EV tax credit ended for vehicles acquired after September 30, 2025 .
2. What replaced the $7,500 EV tax credit?
A new federal deduction allows eligible buyers to deduct up to $10,000 per year in interest paid on qualifying new vehicle loans for vehicles assembled in the U.S. .
3. Does the Chevy Equinox EV qualify for the interest deduction?
Yes. The Equinox EV is assembled in the United States and qualifies for the deduction, provided you meet the income limits .
4. What are the income limits for the interest deduction?
Single filers with modified adjusted gross income up to $100,000 and joint filers up to $200,000 are eligible. The deduction phases out above those thresholds .
5. Do any Chevy EVs still qualify for the old $7,500 credit?
Only if you purchased before October 1, 2025. For purchases after that date, the credit no longer applies .
6. Are there state EV incentives available?
Yes. Several states, including California, Colorado, New York, New Jersey, Oregon, Massachusetts, Vermont, and Illinois, maintain their own EV purchase incentive programs .
7. What tax benefits are available for business EV purchases?
Businesses may be able to deduct up to 100% of a qualifying vehicle’s purchase price in the first year through Section 179 expensing and bonus depreciation .
References
Sources and Further Reading:
- Automotive Addicts – 2026 Equinox EV Incentives
- Car Dealership Guy News – 2025 EV Tax Credit Eligibility
- AAA – EV Tax Credit Ending
- GMC – Interest Deduction Information
Are you planning to buy a Chevy EV in 2026? Have you looked into your state’s EV incentives yet? Drop your questions and experiences in the comments below!
