Electric Vehicles and How to Take Advantage of Current Financial Benefits
I recently leased my first electric vehicle (EV)—a Toyota bZ4X. I love the responsive acceleration and panoramic moonroof, and I definitely don’t miss having to stop at gas stations. But another great advantage to having an EV, aside from helping the planet, is the various financial incentives associated with it. Let’s take a look at a few. Federal tax credit basics The New Clean Vehicle Tax Credit is a federal credit available to individuals or businesses that purchase an EV between 2023 and 2032. To take advantage of this up to $7,500 tax credit, you need to own a car that is a new, qualified plug-in EV or fuel cell electric vehicle for your own use (not for resale) in the United States. A federal credit of up to $4,000 is available for the purchase of used EVs, but some restrictions apply. To find out which cars qualify, you can visit the U.S. Department of Energy website. Limitations To claim this credit, married couples who file their tax return jointly cannot have an adjust...