If you’ve been thinking about buying an electric car to replace your gas guzzler but have been holding back because of the cost, there may be some relief. Congress has decided to help pay for part of the cost of that electric plug-in. The following manufacturers have vehicles that may qualify for the maximum tax credit of $7500. The list of qualified vehicles has grown significantly since the inception of the program.
Index to Manufacturers (Tax Year 2016)
The credit is available for cars purchased after 12/31/2009. The IRS last updated the page on 10/19/2016, so I’m assuming that this list is valid as of the date of this writing. With so many choices, you probably can find a vehicle that's within your budget.
In order to claim the credit, you must fill out IRS Form 8936. This credit is nonrefundable, meaning that it cannot generate a refund for you. It can only reduce your taxable income to zero. If you need help claiming the credit, consult a tax pro like an Enrolled Agent, or visit the IRS website. Happy Electric Motoring!
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