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And make sure all of the requirements set by the IRS are met. See below.
Most dealerships will take care of the tax credit during the purchasing process. If not, you can submit IRS Form 8936 when filing your taxes.
The same day from the car dealership, or when you get your tax return.
The IRS has set a handful of requirements a person must meet to qualify for the electric vehicle tax credit, including income, etc. Click the links below to review the requirements.
This depends on several factors such as the vehicle''s MSRP (price), its final assembly location, battery components, and more. Check the links below to see the new and used vehicles that are currently eligible for a tax credit.
If you''re upgrading to an electric vehicle, consider buying a home charger or battery, and installing components and parts (e.g. outlet, wiring, or electrical panel) that facilitate faster charging at your home. You may be able to claim a tax credit up to $1,000 for each charging port and for each energy storage property. Find out if your home is in an eligible location and see more detail:
Use the Driving Electric Local Fuel Savings Calculator below to compare the cost of driving a battery electric vehicle (BEV) or a plug-in hybrid electric vehicle (PHEV) to a conventional vehicle where you live.
If you bought a new, qualified plug-in electric vehicle in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500.
With more mainstream curiosity surrounding EVs, bolstered by a ten year extension in federal tax credits under the Inflation Reduction Act, there’s never been a more exciting time to buy an EV, and there has never been a wider selection of options to choose from. What many US consumers may not be aware of, however, is what electric vehicle tax credits may be available to them at the state level in addition to discounts or money back on EV charger installations. Luckily for you, we’ve broken it all down, state-by-state, below. Note: This data has been updated as of July 2023.
The benefits will not last forever, but to further EV adoption in the US, the federal government and its respective state entities offer several perks to consumers looking to go all-electric. With the newly signed Inflation Reduction Act, we know federal tax credits for electric vehicles are extended for another decade, but state credits and rebates move at an entirely different pace.
That being said, there are plenty of options in a majority of states that you can and should take advantage now. It’s important to understand how these incentives or exemptions vary from the more all-encompassing credits at the federal level.
There are important distinctions between both federal and state electric vehicle tax credits. Most obvious, federal credits apply to the entire United States as a whole while state credits and rebates vary by each territory and can be far more abundant… or not. It all depends on where you live.
For example, while the federal electric vehicle tax credit is quite complicated under its revised terms in the Inflation Reduction Act, the concept of the credit itself remains quite cut and dry. US consumersmayqualify forup to$7,500 in federal tax credit for an electric vehicle.
Now there are a bunch of other factors that are and will be in play starting January 1, 2023 when the new terms kick in, but we’ve already delved deep into that for you. If you’d like to learn more about electric vehicle tax credits at the federal level, check out those details here.
Electric vehicle tax credits, rebates, and exemptions vary much more at the state level and can even get more granular down to specific counties or energy companies, depending whether its a state-level or private utility perk available to you.
If that’s confusing, stick with us. We’ve laid it all out piece by piece for you below. Just find your state in the table of contents above, give it a tap or click and see what sort of options are available. There should be plenty… for most states, at least.
State-level information is updated by the US Department of Energy and its alternative Data Fuels Center (AFDC) annually after each state’s legislative session ends. That said, some pages are updated following newly-signed legislation. We ourselves visited many of the state incentive websites to confirm the latest perks available to you for a new EV purchase or charger installation.
Speaking of that, many states offer credits or rebates for electric vehicle purchases or leases, but utility companies also offer incentives for home charger installations. Rather than muck things up further, we’ve separated these benefits into two separate lists for you below, each sorted by participating states. If your state isn’t on here, we recommend writing your respective members congress.
Let’s start with the tax credits available for the purchase or lease of a new or used electric vehicle.
Now that we’ve broken down all the tax credits, rebates, and exemptions at your disposal when acquiring an electric vehicle, it’s important to think about how and where you plan to charge it.
If you are fortunate enough to own a home, you may want to consider installing a Level 2 EV charger. In addition to potentially raising the value of your home, you can more easily charge your new EV in the comfort of your garage or driveway, saving additional money during off-peak hours.
Better yet, many states or utility companies operating within them offer tax credits or rebates on the equipment and installation of these electric vehicle chargers. How does your state stack up? Have a look below.
In addition to the credits and rebates for purchases of EVs and chargers, a few states have enacted additional legislation to support EV adoption. You can check them out below.
Between our federal electric vehicle tax credit breakdown and the details above, you should have an arsenal or information at your disposal to determine what you may and not qualify for in the US. That being said, it never hurts to seek more information if you so choose. Knowledge is power.
Much of the data above was gathered from theAlternative Fuels Data Center– an impeccable resource that allows you to tap or click your respective state and research what options might be available to you and your electric vehicle.
Speaking of which, when you do decide on the ideal electric vehicle for you, be sure to double check if it qualifies for federal tax credits, which can be combined with your benefits at the state level to maximize your money back.
As you may have noticed, we’ve included links to each and every website pertaining to a given tax credit, rebate, or exemption for electric vehicles or their chargers. You can click each to learn more and explore further to see if there are any other benefits available to your in your state.
We hope with knowledge, you’ll be able to maximize your cash back on your electric vehicle and/or charger purchase, whether its through a tax credit or rebate. Good luck!
Scooter Doll is a writer, designer and tech enthusiast born in Chicago and based on the West Coast. When he''s not offering the latest tech how tos or insights, he''s probably watching Chicago sports.Please send any tips or suggestions, or dog photos to him at scooter@9to5mac
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