Genesis Tax Credit & Savings Breakdown: How to Get the $7,500 Federal Credit

In Columbia, South Carolina, the deadline for the electric vehicle (EV) tax credit on 2025 luxury SUVs was September 30, 2025. If you bought before this cutoff, you may qualify for the $7,500 in savings. At Genesis of Columbia, we break down the Genesis Electrified GV70 tax credit and how you can maximize your investment in this premium electric SUV and potentially save thousands.

Understanding the Genesis Electrified GV70 Tax Credit

The federal Clean Vehicle Credit is more than just another government program, as it’s an opportunity for savings on your EV. Qualifying new EVs can claim up to $7,500, which might be equivalent to 30% of your new vehicle’s cost. The credit consists of two separate parts: $3,750 for critical mineral requirements and $3,750 for battery component requirements. If you meet these and the additional requirements, you can claim $7,500.

There’s positive news about the federal Clean Vehicle Credit deadline of September 30, 2025. If you entered into a binding contract and made payments before that date, you can claim your credit after receiving your vehicle. You’ll need to file the Clean Vehicle Credits form with your 2025 tax return to make it official.

Who Qualifies for the EV Federal Tax Credit

To qualify for the EV tax credit, individuals must have a modified adjusted gross income not exceeding $150,000 annually, and if you’re filing as head-of-household, that increases to $225,000. Married couples filing jointly have up to $300,000 in combined household income.

Note that this number is modified adjusted gross income, which might differ slightly from your adjusted gross income.

These income rules only apply to new car purchases, so your Genesis Electrified GV70 EV savings could be significant. The 200,000 manufacturer sales caps that limited credits for companies, such as GM, Toyota, and Tesla, have been eliminated. The removal of these sales limits means you’ve got more luxury EVs to choose from, all eligible for the full credit amount.

MSRP, Battery, and Assembly Requirements for Luxury EVs

Purchase price is a consideration in tax credit eligibility. The EV tax credit on nonluxury and luxury SUVs, vans, and pickup trucks is capped at an MSRP starting at $80,000, while sedans and other passenger cars have a $55,000 MSRP cap. This gives luxury SUV shoppers more flexibility than sedan buyers when choosing eligible models. The 2025 Genesis Electrified GV70 qualifies for the full $7,500 tax credit under the SUV category, provided it meets the MSRP cap, and you meet buyer income requirements.

As previously mentioned, there are specific vehicle qualification requirements. Final assembly must be completed in North America; the Genesis Electrified GV70 is manufactured in Alabama. The battery must have no less than a 7 kWh capacity; the Electrified GV70 is equipped with a fourth-generation high-voltage lithium-ion battery delivering 84 kWh. With a starting MSRP of $75,350 for the top-tier Prestige, the Electrified GV70 is below the MSRP limit for SUVs.

Additional Savings Beyond the Tax Credit

South Carolina doesn’t have a statewide EV rebate, but there are other ways to amass savings with your federal credit. The federal Alternative Fuel Vehicle Refueling Property Credit will give you up to $1,000 for installing an EV charger at home, and your local utility companies also want to help. Duke Energy offers a one-time credit of up to $1,236 for home charger preparation, Greer CPW provides $250 rebates for residential customers installing Level 2 home chargers, and York Electric Cooperative includes $200 rebates for members adding Level 2 EV chargers.

The real economic opportunity lies in long-term savings from electric driving. Home charging in South Carolina averages $0.15 per kWh, which is less than public charging at $0.45 per kWh. You can save an average of 40% to 65% annually on fuel costs, which is approximately $1,210, driving an EV compared to driving a gas vehicle. EVs also cost less to maintain than gas vehicles, shrinking your total ownership expenses over time.

As of November 2014, 37 states, including Washington, D.C., have established various EV incentives, creating a growing support network for electric vehicle adoption. Beyond immediate financial benefits, electric driving offers environmental advantages and aligns you with cutting-edge automotive technology. The combination of luxury, performance, and savings makes the Genesis Electrified GV70 an attractive choice for discerning Columbia drivers.

Timeline and Steps for Claiming Your Credit With the Electrified GV70

Even though the September 30, 2025, federal Clean Vehicle Credit deadline has passed, you may still qualify. If you signed a binding contract and had made a payment before the September 30 cutoff, you can claim the credit when you take delivery of your vehicle, regardless of when that happens. Payment includes your trade-in or down payment. This protects buyers who committed early but faced delivery delays.

During tax season, you’ll need specific paperwork to ensure your claim is valid. Submit Form 8936 accompanied by your sales contract, payment records, and delivery confirmation. Our financial team at Genesis of Columbia is well-versed in this process and can provide all the documentation you need to support your claim, as well as advise you on financial options to help you get into your new Electrified GV70. Moving quickly ensures you won’t miss significant savings opportunities.

Experience Luxury Electric Driving in Columbia Today

The Genesis Electrified GV70 delivers both major savings and incredible performance. With potential federal tax credits and the extra state and local incentives, your total savings can climb well past the base credit amount. Don’t let this chance to save thousands on your luxury EV pass you by. Visit our Genesis of Columbia dealership or contact us today to arrange a test drive of the new Genesis Electrified GV70. Our finance team can verify your Genesis Electrified GV70’s eligibility, and with our understanding of the available incentives, we’ll help you maximize your savings on this amazing luxury SUV.

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