If you purchased a new electric vehicle (EV) or charging equipment in 2020, you may be eligible to receive valuable tax credits. If you have questions regarding these tax credits, we recommend that you consult your tax advisor.
The federal EV tax credit provides a credit of up to $7,500, depending on the size of the vehicle’s battery. For more information and to claim this credit, visit Plug-In Electric Drive Vehicle Credit (IRC 30D) on the IRS website.
Unfortunately, due to the phase-out of this credit, vehicles made by Telsa and General Motors are no longer eligible, although Plug In America is urging Congress to extend the federal EV tax credit.
If you purchased charging equipment in 2020, you are also eligible for a federal tax credit of 30% of the cost of your equipment and installation, up to $1,000. Use IRS Form 8911 to claim this credit.
Many states, local governments, and utilities also offer incentives for EV drivers. Visit PlugStar.com and enter your ZIP code or visit the Plug In America incentives map for more information.
Why not update this information and just state for Tesla owners that the rebate is long since gone because Tesla blew past 200K vehicles sold several years ago? IRS site posts “data” for Ford, BMW and Mercedes–they are non-players in the EV market.
Please advocate for retirees and others who don’t have taxable income. We who live on Social Security buy electric cars too. We should have access to incentives other than tax credits.
New Jersey just dropped its $5000 rebate for EV cars. Do you have any updates if the rebates will return?