2024 Tax Incentives
Put Federal Tax Deductions and Credits to Work for You
You could get more tax benefits when you purchase the vehicles that you need. Both large and small businesses may be eligible to immediately deduct up to 100% of the purchase price
2024-2025 Eligible Vehicles
Up to 100% of the purchase price
Up to $20,400
Vehicle Brand
Large trucks, Cargo Vans and
10+ Passenger Vans —
GVWR
Other Trucks, Passenger Vans
and SUVs —
GVWR
All Vehicles —
GVWR
Chevrolet
Silverado 1500 / 2500 / 3500 — Standard or Long Bed Only
Silverado 3500 HD Chassis Cab
Silverado 4500 HD / 5500 HD / 6500 HD
Express Cargo Van
Express Passenger Van (10+ passenger seating only)
Express Cutaway
Low Cab Forward
BrightDrop 400
BrightDrop 600
Silverado 1500 — Short Bed
Blazer
Suburban
Tahoe
Traverse
Colorado (all except 2WD with 5,800-lb. GVWR)
Express Passenger Van (all except 10+ passenger seating)
Silverado EV WT
Bolt EV
Bolt EUV
Camaro
Corvette
Malibu
Equinox
Trailblazer
Trax
Colorado (2WD with 5,800-lb. GVWR only)
GMC
Sierra 1500 / 2500 / 3500 — Standard and Long Bed
Sierra 3500 HD Chassis Cab
Savana Cargo Van
Savana Passenger Van (10+ passenger seating only)
Savana Cutaway
Sierra 1500 — Short Bed (incl. Denali)
Yukon (incl. Denali)
Yukon XL (incl. Denali)
Acadia (incl. Denali)
HUMMER EV Pickup
HUMMER EV SUV
Canyon
Savana Passenger Van (all except 10+ passenger seating)
Terrain (incl. Denali)
Buick
N/A
Enclave (incl. Avenir)
Encore GX
Envision (incl. Avenir)
Cadillac
N/A
Escalade
Escalade ESV
XT5
XT6
LYRIQ
XT4
CT4
CT5
BrightDrop
Zevo 400
Zevo 600
Federal Income Tax Credits for Electric Vehicles
Individuals, businesses and tax-exempt organizations that purchase a qualifying electric vehicle may qualify for a federal Clean Vehicle or Commercial Clean Vehicle income tax credit of up to $7,500
Make / Model
Model Year(s)
Maximum Credit
Cadillac LYRIQ
2023-2025
$7,500
Cadillac Escalade IQ
2025
$7,500
Cadillac Optiq
2025
$7,500
Chevrolet Blazer EV
2024-2025
$7,500
Chevrolet Bolt EV
2022-2023
$7,500
Chevrolet Bolt EUV
2022-2023
$7,500
Chevrolet Equinox EV
2024-2025
$7,500
Chevrolet Silverado EV
2024-2025
$7,500
Chevrolet BrightDrop 400
2025
$7,500
Chevrolet BrightDrop 600
2025
$7,500
GMC HUMMER EV SUV
2023-2025
$7,500
GMC HUMMER EV Pickup
2023-2025
$7,500
GMC Sierra EV (Denali Edition 1)
2024-2025
$7,500
BrightDrop Zevo 400
2023-2024
$7,500
BrightDrop Zevo 600
2023-2024
$7,500
Each purchaser’s tax situation is unique and the available tax benefits and the applicable federal tax laws, regulations and guidelines are subject to change without notice. Therefore, customers must consult their tax advisor to determine the proper tax treatment of any vehicle purchase(s). For more information, visit www.irs.gov. This advertisement is for informational purposes only and should not be construed as tax advice or as a promise of availability or amount of any potential tax benefit or reduced tax liability.
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