Electric Car 7500 Tax Credit. The issue is whether you have enough taxable income after subtracting your deductions and. The amount of credits, or tax incentives, that any car can qualify for depends on the size of the battery in the car.
As mentioned earlier, Tesla and General Motors have already reached the cap, and the program no longer supports sales of their vehicles.
The amount of credits, or tax incentives, that any car can qualify for depends on the size of the battery in the car.
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The federal electric car tax credit is an incentive to encourage Americans to buy hybrid and electric vehicles by lowering the up-front costs of buying one. It applies to plug-in hybrids, or PHEV, and plug-in electric, EV or PEV, vehicles. The difference is a deduction can reduce the amount of your taxable income.