I have a question about the electric vehicle tax credit. Does my vehicle qualify for the plug-in electric car tax credit?
The electric car tax credit is available when you buy a qualifying vehicle.
To qualify for the electric vehicle tax credit, a vehicle must:
- Be a new vehicle with at least four wheels, as compared to the two-wheeled electric vehicle tax credit
- Have a gross vehicle weight of less than 14,000 pounds
- Be propelled mostly by an electric motor that draws electricity from a battery that:
- Has a capacity of not less than four kilowatt hours
- Be capable of being recharged from an external source of electricity
- Be certified as qualifying for the electric car tax credit
You also must meet these conditions to qualify for the electric vehicle tax credit:
- You own the vehicle.
- You placed it in service in the current tax year.
- The original use of the vehicle began with you.
The two-wheeled or 3-wheeled Plug-In Electric Drive Vehicle tax credit is available if the vehicle:
The two-wheeled electric vehicle must also meet the additional conditions mentioned directly above.
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.