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How does the electric car tax credit work?
I recently purchased an electric car and I heard I might be eligible for a tax credit because of this. How do you get the electric car tax credit?
Serena Aburahma · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on getting your new
electric car
! With that in mind, there are a few things to note about the electric car tax credit.- **Only some states offer an electric car tax credit, but there is a federal tax credit for some electric vehicles. **You can look up and see if your state offers an electric car tax credit.
- The federal electric tax credit only applies to some new, non-leased, plug-in electric vehicles from 2010 and on.
- You don’t get the tax credit right away, you have to file a separate form with the IRS and it’s not a rebate. So if you don’t owe any taxes or your taxes owed are below $7,500 it’ll only cover whatever is owed. You don’t get the remainder back.
- Some popular automakers’ cars don’t qualify for the credit, like Tesla and GM. After an automaker’s 200,000th sale of an electric vehicle, the tax credit begins to expire.
While you won’t get money back for purchasing your electric vehicle right away (if you qualify), you do qualify to use the Jerry app and get free quotes on car insurance.
Jerry
is a free app that takes the hassle out of comparison shopping. In just seconds Jerry gets you free quotes from dozens of insurance companies. If you want to switch providers Jerry will take care of all the tedious work so you can just kick back and watch the savings.View full answer
- Gregory R.
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