Electric Vehicle Tax Credit 2017

The honda clarity fuel cell does not qualify for the rebate.

Electric vehicle tax credit 2017.

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. With only one niche vehicle in a tiny model lineup it could be decades before mitsubishi approaches the. 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.

One of the first electric vehicles sold in the u s. Notice 2016 15 updating of address for qualified vehicle submissions. You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit. Internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks.

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. Notice 2009 89 new qualified plug in electric drive motor vehicle credit. 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. The credit amount will vary based on the capacity of the battery used to power the vehicle.

At least 50 of the qualified vehicle s miles must be driven in the state and the credit expires at the end of 2020. All form 8936 revisions. Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7 500. The federal incentive is only worth 7 500 to someone whose tax bill at the end of the year is 7 500 or more.

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. 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. Let s say you buy a hyundai kona ev or. Was the quirky 2012 mitsubishi i miev it s long gone now leaving the 2020 mitsubishi outlander phev as the only plug in car in the company s lineup.

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. How does an electric vehicle tax credit work. 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.