Federal EV/PHEV Tax Credit (<$7,500)

Federal EV/PHEV Tax Credit (<$7,500)

Status: CURRENT - Credit expires after OEM has sold 200k eligible plug-in hybrid electric vehicles (PHEVs) & Electric Vehicles (EVs) in the US

Location: National

Partners: US Department of Energy, Qualifying Original Equipment Manufacturers (OEMs)

Website:http://www.fueleconomy.gov/feg/taxevb.shtml

How it works:

  • Requirements: Must be a new vehicle, acquired by use or lease by taxpayer and used mostly in the US. Full list here
  • Claiming credit: For vehicles acquired for personal use, report the credit from Form 8936 on the appropriate line of your Form 1040.For vehicles purchased in 2010 or later, this credit can be used toward the alternative minimum tax (AMT).If the qualifying vehicle is purchased for business use, the credit for the business use of an electric vehicle is reported on Form 3800, General Business Credit.
  • Credit Amount: All-electric and plug-in hybrid cars purchased in or after 2010 may be eligible for a federal income tax credit of up to $7,500. The credit amount will vary based on the capacity of the battery used to power the vehicle.

Description: More detailed rebate information by make and model here


Posted by Stephanie Erwin