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.