Electric Car Credit 2018

California based electric car manufacturer tesla became the first automaker to hit the cap when it reached 200 000 sales in july 2018.

Electric car credit 2018.

2018 2019 2020 available cars credit electric tax electric cars are entitled to a tax credit if they qualify. They did so by selling a mix of original tesla roadsters plus the tesla model s tesla model x and tesla model 3 evs. About publication 463 travel entertainment gift and car expenses. Notice 2016 15 updating of address for qualified vehicle submissions.

The credit amount will vary based on the capacity of the battery used to power the vehicle. Notice 2013 67 qualified 2 or 3 wheeled plug in electric vehicle credit under section 30d g. It now reflects aggregate plug in electric car sales data through december 2017 for the. After five years of electric car sales we updated it first in early 2016 and again in february 2018.

Notice 2009 89 new qualified plug in electric drive motor vehicle credit. All form 8936 revisions. 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. Tax credits for heavy duty electric vehicles with 25 000 in credit available in 2017 20 000 in 2018 18 000 in 2019 and 15 000 in 2020.

The federal electric car tax credit applies to both all electric vehicles and plug in hybrid vehicles and the actual amount you can claim varies based on car model. 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. The value of the irs tax credit ranges from 2 500 to 7 500 depending on the electric vehicle in question. Internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks.

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. The full 7 500 tax credit lasted until dec. You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit.