Federal Tax Credit For Electric Cars Expiration

In less than three months personal income tax returns or 2017 will be due for most u s.

Federal tax credit for electric cars expiration.

There is a federal tax credit available for most electric cars in 2020 for up to 7 500. 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. Tesla sent out a warning email this week that the federal tax credit for buying an electric vehicle will expire for good for tesla evs in less than five weeks. Those who bought before were able to get a federal tax credit of 4 000 in addition to credits ranging from 1 000 to 4 000.

The credit amount will vary based on the capacity of the battery used to power the vehicle. The exceptions are tesla and general motors whose tax credits have been phased out. If you purchased a fuel cell car after january 1 st 2017 you re no longer able to claim federal tax credits on these cars.