The Electric Vehicle Federal Tax Credit
The Federal electric vehicle tax credit, also known as IRC 30D, is a tax incentive created to help promote the adoption of electric vehicles. The tax credit is worth up to $7,500 for each qualifying electric vehicle. This blog post will answer common questions about the federal electric vehicle tax credit, including who is eligible for the credit and when it can be claimed.
How Much Can You Save With the Federal Electric Vehicle Tax Credit?
When Can the Federal Electric Vehicle Tax Credit be Claimed?
What are the Restrictions on Who Can Claim the Federal Electric Vehicle Tax Credit?
Do You Have to Own a Vehicle for a Certain Amount of Time Before Claiming the Federal Electric Vehicle Tax Credit?
What are the Benefits of Owning an Electric Vehicle?
Lastly, many electric utilities offer special rates for charging during off-peak hours, which can further reduce the operating costs of electric vehicles. Georgia specific Laws and incentives can be found here.
The federal electric vehicle tax credit is an excellent incentive for people who are considering purchasing an electric vehicle. If you have any questions about whether you are eligible for the credit or how to claim it, be sure to speak with your tax preparer. They will be able to help you determine if you qualify and how to claim the credit on your taxes.
If you are considering installing a home EV charging station, the federal tax credit can help offset the installation cost. Give us a call today at (470) 369-0000 and speak with an iTrust electrician to ensure that your home is compatible with EV charging.
