GMC DRIVES AMERICAN INGENUITY
GMC DRIVES AMERICAN INGENUITY
YOU MAY BE ELIGIBLE FOR A TAX DEDUCTION FOR UP TO $10,000 IN ANNUAL INTEREST PAID ON CERTAIN GMC VEHICLES1
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+ WHAT IS THE PROGRAM?
- Provides a tax deduction for up to $10,000 in annual interest paid on loans to acquire U.S. assembled2 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 joint 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.
+ WHAT VEHICLES ARE ELIGIBLE?
- Must be assembled in the U.S.; currently, loans for new cars qualify.
1 Available for eligible individual buyers on new qualifying vehicles assembled in the U.S. Only applies to interest paid in tax years 2025-2028 on new debt contracted after 12/31/2024. Tax deduction subject to change and filing requirements. Income restrictions and other restrictions and limitations may apply. Consult your tax, legal, or accounting professional if you have questions. This information does not constitute tax, accounting, or legal advice. Deduction subject to federal laws and regulations and manufacturing constraints.
2 Assembled with U.S and globally sourced parts.