Many new electric vehicles are eligible for a federal electric car tax credit—it’s one of the many benefits offered by EVs! The amount of the credit varies by state; you may get a minimum of $2,500 or as much as $7,500. Not sure if you can get a tax credit for the EV you bought this year in St. Louis or St. Charles? Learn more about the models that qualify in this guide to how the federal tax credit for electric cars works.
The electric car tax applies to many new EVs, but not all. You must have made your purchase of a new EV after December 31, 2009, and it must also:
Once you’ve determined that your new EV qualifies, you need to find out if the tax credit can be applied to your taxes. First off, the vehicle must be purchased—-not leased—and driven primarily in the United States. There are also a few considerations to note when it comes to your income:
The electric car tax was introduced to encourage drivers to purchase more EVs—and to push manufacturers to start producing electric vehicles. The credit phases out for a given eligible model after 200,000 have been sold by the manufacturer. That’s how the federal tax credit for electric cars works to help brands make more EVs!
We’re happy to answer your questions about how the federal tax credit for electric cars works! Reach out to a Suntrip dealership near you in Fenton. In the meantime, check out our current lease and finance specials and our comprehensive guide to EV maintenance.
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