3 Things to Know About the Electric Vehicle Tax Credit
1. You may be able to claim a federal tax credit worth up to $7,500 for purchasing a qualifying electric vehicle or plug-in hybrid vehicle. The amount of the credit depends on the vehicle’s battery capacity.
2. Some vehicles are no longer eligible for the credit. The credit begins to phase out once a manufacturer has sold 200,000 qualifying vehicles for use in the United States. General Motors and Tesla have each sold more than 200,000 vehicles, and the credit phase-out period for their vehicles has ended. Tesla vehicles purchased after 2019 and General Motors vehicles (which includes Cadillac and Chevrolet vehicles) purchased after March 2020 are not eligible for the credit.
3. Many other vehicles are still eligible for the credit. For a list of eligible vehicles, please visit www.fueleconomy.gov/feg/taxevb.shtml.
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Article published in April 2020 edition of Eye on Money. If you would like to be added to our mail list please email firstname.lastname@example.org.