ROCKFORD, Ill. (WTVO) — Residents who own an electric or plug-in hybrid could be eligible for a $7,500 tax credit.
However, just 10 vehicles qualify for the full $7,500 credit due to current rules, limiting the full credit to vehicles assembled in North America whose batteries are also sourced nationally.
GM has five models that qualify, including the Cadillac Lyriq, Chevrolet Silverado Electric Pickup, Chevrolet Bolt and Bolt EUV as well as the upcoming Chevy Equinox small SUV.
Tesla’s Model 3 Performance model, Model Y, Chrysler Pacific, Ford F-150 Lightning pickup and Lincoln Aviator Grand Touring Plug-in hybrids also qualify.
New rules about battery parts and minerals from other countries put limits on the credits.
Used electric vehicles can qualify for up to $4,000 in tax credits if the purchase price is below $25,000.