![]() ![]() (Non-plug-in hybrid cars do not count, for example, since they technically charge themselves.) More specifically, the credit applies to vehicles that are charged by plugging into an external source (a charger) and have battery packs with capacities of 4 kilowatt-hours or higher. There are a few rules that govern federal income tax credit eligibility. When Is an Electric Car Eligible for the Federal Income Tax Credit? ![]() However, the actual amount depends on the vehicle's total battery capacity and will range incrementally from a minimum of $2,500 to a maximum of $7,500. The tax credit amount most often cited is $7,500 for fully electric vehicles. ![]() Most importantly, the EV tax credit is applied to your personal federal income tax, not to the vehicle purchase price. Navigating how the tax credit works can be confusing to help in your search, we've broken down the basics so you can take full advantage. Especially on many of the more affordable EVs available today, some of which sticker for under $30,000, that is a substantial amount of money to get back. Also, you may qualify for a Federal Income Tax Credit, which can be as much as $7,500. They're easy to drive, require minimal maintenance and you won't spend a cent on gas. There are many benefits to purchasing an electric vehicle. ![]()
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