This is the US government, after all.įirst, understand that these federal tax credits will not last forever, and they may have already expired for your vehicle. Hopefully you now understand how the government determines its tax credits for individuals based on your federal income tax and vehicle, but it’s important to stay aware of additional fine print. Other federal tax credit rules to note as an electric vehicle owner It’s important to note that any unused portion of the $7,500 is not available as a refund, nor as a credit for next year’s taxes.
HYBRID VEHICLES 2014 FULL
If you owed $10,000 in federal income tax, then you would qualify for the full $7,500 credit. While the credit amount is based on battery size, the amount of that credit you can receive is based entirely on your federal income tax and is implemented as such.įor example, if you owned a Nissan LEAF and owed say, $3,500 in income tax this year, then that is the federal tax credit you would receive. At first glance, this credit may sound like a simple flat rate, but that is unfortunately not the case.
How much is the federal tax credit?įirst and foremost, it’s important to understand three little words the government slips in front of the $7,500 credit – “may” and “up to.” As in, you may qualify for up to $7,500 in federal tax credit for your electric vehicle. In reality, the amount you qualify for is based on both your income tax as well as the size of the electric battery in the vehicle you own. With that said, you cannot simply go out and buy an electric vehicle and expect Uncle Sam to cut $7,500 off your taxes in April. The idea in theory is quite simple - “All electric and plug-in hybrid vehicles that were purchased new in or after 2010 may be eligible for a federal income tax credit of up to $7,500,” according to the US Department of Energy. How does a federal tax credit work for my EV?
HYBRID VEHICLES 2014 BLUETOOTH
HYBRID VEHICLES 2014 SERIES
While Lexus' hybrid focus is still on economy, BMW's 3 Series ActiveHybrid shows that “hybrid” and “performance” are not mutually exclusive. Slowly, but steadily, it's becoming a synonym for performance.Īnd much of that change is occuring in the luxury segment. With a little help from Formula 1 and Le Mans, the word “hybrid” is starting to shake its stigma as the preserve of hypermiling killjoys. Engine/trans: 268kW/546Nm 3.5 petrol 6cyl, electric motor | 7spd autoįuel Economy claimed: 7.2 l/100km | tested: 7.8 l/100km OVERVIEW
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