Electric Vehicle Incentives Explained

If you are shopping for an electric vehicle, you are probably already aware of the $7,500 eligible federal tax credit. However, did you know that Illinois residents are now eligible to receive a $4,000 rebate for the purchase of an electric vehicle? Continue reading our blog post to learn more about the electric vehicle incentives currently available.

Illinois Electric Vehicle Incentive

Beginning July 1, Illinois residents can take advantage of a $4,000 rebate on the purchase of an electric vehicle. Take advantage of this incredible incentive, in addition to the $7,500 federal tax credit. There is no better time to order an electric vehicle than today. Bill Jacobs Volkswagen is your source for everything electric. The VW ID.4 is changing the way we think about electric vehicles. This all-electric VW SUV is affordable and packs the comfort, performance, and technology you would expect to see in a gasoline-powered Volkswagen.

Eligibility Requirements for an EV Rebate in Illinois include, but not limited to:

• The purchaser must reside in Illinois at time of vehicle purchase and at the time the rebate is issued.

• The vehicle cannot have been the subject of a previous EV rebate under this new program in Illinois.

• The purchaser must retain ownership of the vehicle for a minimum of 12 consecutive months immediately after the vehicle purchase date.

• The purchaser must apply for the rebate within 90-days after the vehicle purchase date.

• Documentation requirements include a copy of purchase invoice, proof of purchase, vehicle registration, and IRS W-9 or W-8 forms

Federal Tax Credit for Electric Vehicles

The Volkswagen ID.4 is eligible to receive a federal tax credit of $7,500. In order to be eligible to receive this tax credit, you must first purchase an electric vehicle. After that, you will need to fill out IRS form 8936 to claim your credit up to $7,500. It’s best to consult with a tax professional to see how the tax credit will apply to your specific financial and filing situation.

Can I Lease a New EV and Get the Federal Credit?

Not directly. The credit only applies to new EV purchases, but those savings may be passed on to the lessee via a lower monthly payment.

Go Electric with an ID.4 from Bill Jacobs Volkswagen

Come to Bill Jacobs Volkswagen in Naperville to learn more about the Volkswagen ID.4 electric SUV. Bill Jacobs VW in Naperville is the #1 volume Volkswagen dealer in the Chicagoland area and we have an ID.4 available for a test drive. With an estimated EPA range of approximately 300 miles, come see for yourself why the ID.4 is the first electric SUV for everyone.
Learn More about the ID.4