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Do you get a get tax credit for the Jaguar electric car?
I’m so excited to see that Jaguar has finally come out with a fully electric model with the I-PACE and plan on purchasing one when it becomes available in my area. If this is my first electric car, would it qualify for a tax credit?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
First of all, congrats on getting your first
electric car
! Electric car infrastructure is growing rapidly across the nation, and you’re sure to see more and more drivers in the coming years. To address your question, yes, the 2022 Jaguar I-PACE qualifies for a federal
tax credit
of up to $7,500. A few things to note about the federal tax credits for electric cars:
- Any new plug-in hybrids or electric vehicles with a 16 kWh battery or greater can qualify for this tax credit.
- Federal tax credits were created as part of the American Recovery and Reinvestment Act to incentivize more Americans to buy electric cars.
- The tax credit must be claimed in the year that the vehicle was purchased.
- The credit can only be claimed once for each qualifying vehicle.
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