Mustang Mach-E all trims Ioniq Electric Kona Electric I-Pace Niro EV B-Class EV LEAF Polestar 2 Taycan EQ fortwo Coupe EQ fortwo Cabrio RAV4 EV Q5 PHEV Bentayga Hybrid BMW i8 X3 xDrive30e X5 xDrive40e X5 xDrive45e Pacifica Plug-In Hybrid SF90 Stradale C-Max Energi Fusion Energi Karma Sedan Accord Plug-in Hybrid Clarity Plug-in Hybrid Ioniq Plug-in Hybrid Sonata Plug-in Hybrid Niro Plug-in Hybrid Optima Plug-in Hybrid Aviator Grand Touring Se Plug-in Hybrid GLEe 4matic Ce Mitsubishi Outlander Plug-in Polestar 1 Cayenne S E-Hybrid Panamera 4 E-Hybrid No tax credit will be allowed for Tesla vehicles purchased after December 31, Despite the phaseout kicking in for GM and Tesla electric cars, there are still many other EVs on the market that may be eligible for a tax break.
Contact us if you want more information about the tax breaks that may be available for these vehicles. Toggle navigation January 23, Share via email Print.
Kaz Unalan. Simply answer a couple of questions and the eFile app will select the correct tax credit form s for you to complete. The app will also calculate and enter your credit amount on your return. See how much your Refund in could be and prepare to prepare for Tax Day, April 18, Read on to learn more about these credits. On the Return, this credit can be claimed for a qualified plug-in hybrid vehicle that was put into service in the U.
The vehicle has a simple set of guidelines to meet:. A qualifying vehicle is not a traditional hybrid electric vehicle, or HEV. The plug-in versions of these models, however, do qualify. Hybrid car tax credits work by giving you a nonrefundable credit on your income tax return. The amount is determined by the power storage of the battery. In general, fully electric vehicles can claim more of the credit than plug-in hybrid vehicles as their battery has more storage. Note that this tax credit is nonrefundable and will not generate a tax refund on its own.
The credit may be applied to certain two-wheeled vehicles as well. This follows the same guidelines as a four-wheeled vehicle, except the battery capacity must be at least 2. There are three major types of alternative fuel vehicles: hybrids, electric vehicles, and fuel cell vehicles. A hybrid is a vehicle that utilizes electric energy and traditional gasoline energy to power the vehicle. An electric vehicle relies entirely on electricity to run the vehicle.
Fuel cell vehicles are given power by combining hydrogen and oxygen to produce electricity - these vehicles are the least common of alternative fuel vehicles. It is important to note that there are traditional hybrid vehicles which get their energy from both a gasoline engine and electric motor simultaneously while a plug-in hybrid will use the battery energy before resorting to gasoline in the tank. The plug-in hybrids are the only hybrids which qualify for the tax credit. The difference is that the plug-in hybrid relies primarily on electric energy which is why it qualifies for the credit.
This credit will start to phase out once a company has sold , qualifying vehicles. As of October , General Motors and Tesla the only companies to reach this threshold for plug-in hybrids GM and plug-in electric vehicles Tesla.
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