Jan. 06, 2025
If you bought a new, qualified plug-in electric vehicle (EV) in or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D.
You can find more information on our web, so please take a look.
The credit equals:
The maximum credit is $7,500. It is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
Find information on credits for used clean vehicles and new EVs purchased in or after.
You may qualify for a credit up to $7,500 for buying a qualified new car or light truck. The credit is available to individuals and businesses.
To qualify, you must buy the vehicle:
To qualify, a vehicle must:
You can find your vehicle's weight on the vehicle's window sticker.
If you buy and take delivery of a qualified electric vehicle between August 17, and December 31, , the same rules apply, plus the vehicle must also undergo final assembly in North America.
To see if your model meets the assembly requirements, check the Department of Energy's page on Electric Vehicles with Final Assembly in North America. On that page you can:
Because some models are built in multiple locations, you should check both criteria for any specific vehicle.
If you entered a written binding contract to buy a vehicle after December 31, , and before August 16, , but took delivery on or after August 16, , you may elect to claim the credit based on the prior rules. To elect the credit under the prior rules you must elect the credit on your tax return after you take delivery of the vehicle. Depending on the date the vehicle is delivered, you can claim the credit on your original, superseding, or amended tax return.
If you purchased a vehicle between August 16, and December 31, but don't take delivery of the vehicle until , see Credit for new clean vehicles purchased in and after.
In general, a written binding contract :
An indication of a binding contract is if a buyer has made a significant non-refundable deposit or down payment.
To claim the credit for a vehicle you took possession of in , file Form , Clean Vehicle Credits with your tax return. You will need to provide your vehicle's VIN.
If you missed claiming a credit for an electric vehicle purchased before , you may be able to claim it by filing an amended return for the tax year when you took possession of the vehicle.
The credit for qualified 2-wheeled plug-in electric vehicles expired in . If you bought a 2-wheeled vehicle in , but placed it in service during , you may still be able to claim the credit for . If you bought it after , you can't claim the credit.
See instructions for Form .
Kevin Turner
As hard as it is to believe, a four-passenger, $7,500 street-legal electric cart can be bought for about $2,200 after a $5,335 tax credit. A $6,400, two-passenger electric vehicle goes for about $1,100 after the same credit.
Well, until Dec. 31, that is. After that, the electric vehicle credit will be replaced by a stingier credit that drops to about $750 for the $7,500 vehicle and $640 for the $6,400 one.
There are stipulations to getting those credits, however.
Ted Jackrel, owner and president of GatorMoto Utility Vehicles, Mayport Road, takes pains to point out that they aren't the same carts used on golf courses or darting across streets in gated communities.
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"This is not a golf cart program," Jackrel said. "These are low-speed, electric vehicles. A golf cart does not qualify."
At first glance, though, many of them do look like golf carts. But eligible, street-legal vehicles have seat belts, backup lights, turn signals, road-legal windshields, windshield wipers, a 17-digit vehicle identification number and go 22 miles per hour or faster; nearly 10 mph faster than a golf cart, Jackrel said. Many of them can travel 40 to 50 miles on a charge. And they're legal on streets with speed limits up to 35 mph, he said.
Through this year, the electric vehicle tax rebate has carried on in the shadow of Obama administration programs such as the Car Allowance Rebate System. But this program isn't from President Barack Obama; it was established in the Emergency Economic Stabilization Act of .
Under the program, electric-drive vehicles with batteries that pack a punch of at least 4 kilowatt hours qualify for a flat $2,500 credit. And for each kilowatt hour over 4 the vehicle's battery holds, the credit climbs by another $417 toward a cap of $7,500 for vehicles up to 10,000 pounds and $10,000 for vehicles up to 14,000 pounds, according to the Electric Drive Transportation Association, a Washington -based industry association.
In February, the Obama administration tweaked the program, going from a total of 250,000 vehicles to 200,000 per eligible manufacturer, and lowering the weight limit. After Jan. 1, it turns into a 10 percent credit for low-speed electrified vehicles, with a credit cap of $2,500, according to the Internal Revenue Service.
But as in Cash for Clunkers, critical questions like which manufacturer's vehicles were eligible weren't answered until after the program began on Jan 1. And because the program involved tax credits, the IRS had to make those determinations.
Tony Ruby, regional sales manager for Golf & Electric Vehicles, Philips Highway, said that, for example, one major electric vehicle manufacturer, Star, didn't have its vehicles IRS-approved until Aug. 14.
And it wasn't until October, when exposure for the program in the national news media began, when the Clunkers-style floodgates finally opened on the sellers - with just two months left in the more generous credit program.
'We can't get enough'
"We're real worn out, I tell you," Jackrel said. "We ordered a whole bunch for Christmas. We thought we were overstocking, but we will be out by then."
Demand also is depleting inventories at Golf & Electric Vehicles.
"It's brought quite a bit more business for the quarter," Ruby said. "But the issue we're having is inventory. We can't get enough. We can't keep them in stock."
Electric Drive Transportation Association spokeswoman Jennifer Watts said her organization seeks to have the program expanded to again include the heaviest electric vehicles weighing more than 14,000 pounds, which the Obama administration cut from the program.
"We're trying to get that back in," she said. "It's an incentive to fleet owners. It just makes sense."
But overall, Watts said, the program has been a good thing for the low-speed vehicle industry.
Watts said that after Jan. 1, the program will cover all electric vehicles from electric Mopeds to the new Chevrolet Volt.
But in the meantime, business is booming for Jackrel and Ruby until the fatter credit tops out at its manufacturer thresholds or expires on Dec. 31.
"We're jammed right now," Jackrel said. "We're getting 40 to 50 vehicles a day. We usually get two or three."
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