YOU MAY BE ELIGIBLE FOR A TAX DEDUCTION FOR UP TO $10,000 IN ANNUAL INTEREST PAID¹ ON CERTAIN CHEVROLET VEHICLES
Act now and see if you qualify
Shopping for a vehicle?
FAQs
WHAT IS THE PROGRAM?
- PROVIDES A TAX DEDUCTION FOR UP TO $10,000 IN ANNUAL INTEREST PAID ON LOANS TO ACQUIRE U.S. ASSEMBLED QUALIFYING VEHICLES FOR ELIGIBLE CONSUMERS
- APPLIES WHETHER AN INDIVIDUAL ITEMIZES DEDUCTIONS OR TAKES THE STANDARD DEDUCTION
- CONSULT YOUR TAX, LEGAL, OR ACCOUNTING PROFESSIONAL IF YOU HAVE QUESTIONS. THIS INFORMATION DOES NOT CONSTITUTE TAX, ACCOUNTING, OR LEGAL ADVICE.
WHO QUALIFIES?
INCOME LIMITS: $100K SINGLE ($200K MARRIED FILING A JOINT RETURN) – PHASE OUT FOR NEXT $50K AND IS FULLY-PHASED OUT FOR TAXPAYERS WITH MODIFIED ADJUSTED GROSS INCOME IN EXCESS OF $150K ($250K MARRIED FILING A JOINT RETURN)
WHAT LOAN TYPES ARE ELIGIBLE?
INDIVIDUALS FINANCING ONLY – NOT APPLICABLE TO COMMERCIAL/FLEET PURCHASES & NO LEASE BENEFIT
DO I HAVE TO BUY BY A CERTAIN DATE?
- ONLY APPLIES TO INTEREST PAID IN TAX YEARS 2025-2028
- MUST BE NEW DEBT CONTRACTED AFTER 12/31/2024, EXCLUDES REFINANCING OF DEBT INCURRED PRIOR TO 12/31/2024
WHAT VEHICLES ARE ELIGIBLE?
MUST BE ASSEMBLED IN THE U.S.