Tax Credit For Plug-In Electric Car

by Steven Sodini 30. June 2011 16:27
Interested in a plug-in electric car?? Uncle Sam wants to help you buy one. The income tax credit for a “new qualified plug-in electric drive motor vehicle” was enacted as IRC § 30D by the Emergency Economic Stabilization Act of 2008 (PL 110-343) and modified by the American Recovery and Reinvestment Act of 2009 (PL 111-5). For each qualifying vehicle, a credit is allowed of $2,500 plus, for vehicles with at least five kilowatt hours (kwh) of rechargeable battery power, $417, plus $417 for each additional kwh above five, up to an additional credit of $5,000. [More]
Categories: Tax