Electric Vehicle Tax Credit 2017

Let s say you buy a hyundai kona ev or.

Electric vehicle tax credit 2017.

The federal incentive is only worth 7 500 to someone whose tax bill at the end of the year is 7 500 or more. The credit amount will vary based on the capacity of the battery used to power the vehicle. 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. With only one niche vehicle in a tiny model lineup it could be decades before mitsubishi approaches the.

The honda clarity fuel cell does not qualify for the rebate. Internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks. Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7 500. One of the first electric vehicles sold in the u s.

Electric vehicles evs and plug in electric vehicles phevs are eligible for federal tax credits up to a maximum of 7 500 on many models. Additionally states and some municipalities also may offer consumer sweeteners such as access to high occupancy vehicle lanes known as hov lanes or free parking. Charging the sonata plug in hybrid s 9 8 kwh lithium ion battery pack via a standard 120 volt electrical socket takes approximately nine hours. 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.

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. You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit. 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. The 2017 hyundai sonata plug in hybrid sedan has a starting msrp of 34 600 and is eligible for a federal tax credit of 4 919 with a class leading 27 miles of electric range.

At least 50 of the qualified vehicle s miles must be driven in the state and the credit expires at the end of 2020. Notice 2016 15 updating of address for qualified vehicle submissions. All form 8936 revisions. How does an electric vehicle tax credit work.

Notice 2009 89 new qualified plug in electric drive motor vehicle credit. About publication 463 travel entertainment gift and car expenses. 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.