2018 Electric Car Tax Credit Irs

You may be eligible for a credit under section 30d a if you purchased a car or truck with at least four wheels and a gross vehicle weight of less than 14 000 pounds that draws energy from a battery with at least 4 kilowatt hours and that may be recharged from an external source.

2018 electric car tax credit irs.

You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit. All form 8936 revisions. Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7 500. There is a federal tax credit available for most electric cars in 2020 for up to 7 500.

The value of the irs tax credit ranges from 2 500 to 7 500 depending on the electric vehicle in question. Ir 2018 252 december 14 2018. Claiming the federal electric vehicle tax credit. For vehicles acquired after 12 31 2009 the credit is equal to 2 500 plus for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity 417.

The honda clarity fuel cell does not qualify for the rebate. Qualified plug in electric drive motor vehicles irc 30d internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks. Notice 2016 15 updating of address for qualified vehicle submissions. For vehicles acquired after december 31 2009 the credit is equal to 2 500 plus for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity 417 plus an additional 417 for each kilowatt hour of.

Has sold more than 200 000 vehicles eligible for the plug in electric drive motor vehicle credit during the third quarter of 2018 this triggers a phase out of the tax credit available for purchasers of new tesla plug in electric vehicles beginning jan. The exceptions are tesla and general motors whose tax credits have been phased out. All electric and plug in hybrid cars purchased new in or after 2010 may be eligible for a federal income tax credit of up to 7 500. One of the first electric vehicles sold in the u s.

Was the quirky 2012 mitsubishi i miev it s long gone now leaving the 2020 mitsubishi outlander phev as the only plug in car in the company s lineup. Notice 2013 67 qualified 2 or 3 wheeled plug in electric vehicle credit under section 30d g. With only one niche vehicle in a tiny model lineup it could be decades before mitsubishi approaches the. The credit amount will vary based on the capacity of the battery used to power the vehicle.

Notice 2009 89 new qualified plug in electric drive motor vehicle credit. Electric car tax credits are available if they qualify. Internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks. The irs gives detailed instructions for how to fill out these forms on their website but we ve broken down.

Size and battery capacity are the primary influencing factors.