Tax credits on Vehicles

Tax credits on Vehicles

IMG_2317There is a federal tax credit of up to $7,500 for All-Electric & Plug-In Hybrid cars.

The credit varies based on the vehicle.  Here is a list of vehicles, credit amounts, and requirements.

Form 8936 is used to claim the credit.

The credit begins to phase out for vehicles at the beginning of the 2nd calendar quarter after the manufacturer has sold 200,000 eligible plug-in vehicles in the U.S. as counted from 1/1/10. The IRS has a list showing the sales.

Linda Reinhardt

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