Tax Credits for Qualified Plug-In Electric Vehicles

Tax Credits for Qualified Plug-In Electric Vehicles

Electric Car GettyImages-530338908 091516Passenger automobiles that are propelled solely or significantly by electric power have been in the news lately, thanks in part to the buzz surrounding the Tesla Model 3, an “economy” model set to be priced at $35,000 and available in late 2017 or early 2018.  Given all the recent media attention, this seemed like a good time to remind you that federal tax credits of up to $7,500 are still available to help offset the purchase price of electric vehicles.  The IRS has devoted a section of its website to explain how the credits work, and provide a list of all the manufacturers and models for which a credit is still available, including the current amount of the credit for every eligible model.

To find out more, please visit the Plug-In Electric Drive Vehicle Credit section of the IRS website.

By |July 15th, 2016|Categories: Individual Tax, IRS|Tags: , , |Comments Off on Tax Credits for Qualified Plug-In Electric Vehicles

About the Author:

Jeff is a Partner at Bregante + Company LLP, providing tax, accounting and consulting services to closely held businesses and high net worth individuals throughout the greater San Francisco Bay Area.