Back to top

Blog

Click here to go back

Plug in tax savings for electric vehicles

Posted by Admin Posted on May 01 2019

If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal tax credit of up to $7,500. (Depending on where you live, there may also be state tax breaks.) However, the federal credit is subject to a phaseout rule that may reduce or eliminate the tax break based on how many sales are made by a manufacturer. The vehicles of 2 manufacturers (GM and Tesla) have already begun to be phased out, which means they now qualify for a partial tax credit. For a list of manufacturers and credit amounts, visit: https://bit.ly/2vqC8vM.