The base amount of the credit is $2,500. HOV/Zipper Lane Access. The federal government provides a substantial tax credit for new battery electric and plug-in hybrid EVs, ranging from $2,500 - $7,500, depending on the capacity of the EV’s battery. Subject to available funding, a credit is allowed against the excise tax imposed for the purchase of a plug-in electric or fuel cell electric vehicle and the credit may not exceed the … You’re not going to get the other $2,500 as part of a … Qualify for a federal income-tax credit of up to $7,500. If you purchased a Nissan Leaf and your tax bill was $5,000, that’s all you get at the end of the year. You can search by keyword, category, or both. Another factor which determines the tax credit amount is the amount of taxes that you owe to the federal government. New Jersey already waives the 7% sales tax on electric vehicle purchases, and the federal government offers a $2,500 to $7,500 income tax credit based on a car's battery capacity. The credit halves itself every quarter until it reaches $0. If the vehicle is used for business purposes, that is reported on Form 3800, the General Business Credit. All battery electric vehicles are eligible for the full $7,500, whereas some plug-in hybrids with smaller batteries receive a … Business entities may also qualify for the tax credit on up to ten vehicles.
However, if you are driving a plug-in hybrid electric vehicle which still uses some gasoline, then you may not qualify for the full $7,500. This is not a refundable tax credit. For example, the Qualified Plug-In Electric Drive Motor Vehicle Credit for GM’s electric vehicle models began a phaseout for eligible vehicles bought between April 1, 2009, and Sept. 30, 2019.
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