What Is the Federal Electric Vehicle Tax Credit?

How Much Is the Federal Electric Vehicle Tax Credit?

Drivers of electric vehicles may want to pay attention because you could be eligible for a federal income tax credit of up to $7,500. This tax credit is meant to incentivize drivers like you who are thinking about switching over to the greener side of things. The actual amount will vary based on the capacity of the battery used to power the vehicle. In simpler terms, the more your vehicle relies on electricity, the more you can expect for your tax credit! So, if you drive an all-electric vehicle, you may be eligible for a higher value credit.

Which Cars Are Eligible? 

Wondering which vehicles might be eligible for the Federal Electric Vehicle Tax Credit? Well, your electric vehicle must be bought new for you to be eligible. Plus, it must meet these IRS requirements:

• A curb weight of under 14,000 pounds
• Vehicle must have four wheels
• The battery provides 4kWh or more of power
• The battery must be charged externally

Additionally, your vehicle must have been purchased after 2010 to be eligible.

Our Available Models 

So, what available electric models will you be able to find at our dealership? With our EV selection, you'll have multiple electrifying options:

• 2022 EQS sedan
• 2022 EQB SUV
• 2022 EQE

Each one of these models will maximize your mileage and provide a smooth drive. Whether you're gearing up for an electric SUV that can fit the whole family or sticking with a compact sedan, we have a diverse selection you'll be able to explore. 

How to Get Your Electric Vehicle Tax Credits

When you purchase an electric vehicle, you'll need to fill out the proper paperwork to see if you qualify for the appropriate tax credits. You'll claim the Federal Electric Vehicle Credit by filling out Form 8936, which will be used when you file your yearly tax return.