The power of the tax credit for buying an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles […]

Electric Honda, Volvo models eligible for vehicle credit

Electric vehicles are becoming more popular, and the IRS has added several 2021 model year Honda and Volvo vehicles to the already growing list of vehicles eligible for the plug-in electric drive motor vehicle credit. A tax credit of $2,500, plus an additional amount based on battery capacity, up to $7,500 is offered for qualified […]

Tax credit for plug-in vehicles begins to phase down

If you purchased a plug-in electrical car in 2018, you may be eligible for a tax credit – but not for long. A federal tax credit of $7,500 was offered to purchasers of plug-in electric cars, but now that two car manufacturers – Tesla and GM – have sold more than 200,000 eligible vehicles in […]