The EV Tax Credit Dies Today, But Ford And GM Extended It With This One Simple Trick

By Gary Gastelu |

Sep 30, 2025

Sept. 30 is the last day to purchase an electric vehicle that qualifies for the $7,500 federal tax credit, which expires at midnight.

The program, which started in 2008 during the Busch administration, but was extended and enhanced during the Biden administration with plans for it to phase out in 2032, was abruptly canceled with the passage of the so-called “One Big Beautiful Bill” that President Trump signed into law on July 4.

Car shoppers have until the end of the day to either complete the purchase of a qualifying EV or enter into a binding contract for one that includes a “significant non-refundable deposit or down payment” with delivery at a later date.

That also applies to leases, which are technically owned by the leasing company and considered commercial purchases.

According to Reuters, Ford and General Motors have come up with programs to help their dealers stock up on qualifying lease vehicles by purchasing vehicles from inventory through their financing arms, which they can then offer for lease with the $7,500 credit factored into the price.

“We worked with our GM dealers on an extended offer for customers to benefit from the tax credit for leases” of EVs, GM told Reuters.

The exact number of vehicles affected is unknown and it is not clear if other automakers and leasing companies are initiating similar programs.

Even after the program ends, many electric vehicles, including small ones, will continue to qualify for the generous Section 179 commercial depreciation credit for SUVs and trucks.

The credit can be used for business-use vehicles that have a gross vehicle weight rating (GVWR) of more than 6,000 pounds, which had typically be the reserve of large SUVs and trucks, but now applies to a large number of EVs due to their heavy battery packs.

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The $34,995 Chevrolet Equinox EV, for instance, has a 6,060 GVWR, which includes the weight of the vehicle and its maximum payload. The internal combustion engine Equinox’s GVWR is less than 5,000 pounds.

This specification varies widely depending on the vehicle, however. For instance, the similarly sized Ford Mustang Mach-E and Tesla Model Y are under the limit.

Keep in mind that article is informational purposes only and is not intended to provide tax or accounting advice. Eligibility requirements for all of these programs vary based on a number of factors. Consult your own tax professional before engaging in any transaction.