The 2023 Cadillac Lyriq Now Eligible for EV Tax Credit
EV Tax Credit at Bob Moore Cadillac of Norman
The Cadillac Lyriq now qualifies for the government EV Tax incentive following recent changes to the vehicle classification standards from the Department of Treasury. These changes are great news for current and prospective Lyriq drivers, and understanding how to claim your credit is essential for the next tax year. At Bob Moore Cadillac, we proudly offer the new Cadillac Lyriq to drivers in the Norman, Moore, and surrounding OKC areas so they can take advantage of the EV Tax Credit.
What is the EV Tax Credit?
The Electric Vehicle Tax Credit is a federal incentive program created to encourage the adoption of electric vehicles by both drivers and manufacturers in the United States. Drivers will have the opportunity to receive a tax credit of up to $7,500 for purchasing a new eclectic vehicle, including the Cadillac Lyriq. After recent changes, the Cadillac Lyriq now qualifies for the total credit amount of $7,500.
It’s important to note that the EV Tax credit is non-refundable, meaning it can only reduce your tax liability to zero, and any remaining amount will not be refunded to you but rather reduce your tax liability the following tax year. Before making any decisions, we recommend consulting with a tax professional for expert guidance.
Claiming Your EV Tax Credit
Now that you’ve purchased your new Cadillac Lyriq, you may wonder how to claim your EV tax credit. Claiming your EV Credit will happen when completing your federal return. Drivers must complete the IRS Form 8936, providing their vehicle’s make, model, and battery capacity. Bob Moore Cadillac recommends that Lyriq drivers consult with a tax professional to ensure they receive the total amount when filing their taxes.
Cadillac Lyriq at Bob Moore Cadillac of Norman
The 2024 Cadillac Lyriq is the first all-electric Cadillac and is already raising the standard in the electric SUV market. Offering drivers 314 miles of total range, 92/89 MPGe (City/Highway), and state-of-the-art driver-assist and entertainment features, including a 33-inch LED touchscreen interface.
Qualifying for the EV Credit for your Cadillac Lyriq is just a bonus on top of these fantastic features. Available at Bob Moore Cadillac of Norman, we encourage all drivers in the Norman area interested in the EV Tax Credit to come to explore the 2024 Cadillac Lyriq in-person. You can take the Lyriq for a test drive and explore any financing or leasing option available through our Cadillac Finance Center.
This article is not financial advice. Before making decisions, we highly recommend consulting with a tax professional about the EV Tax Credit.