While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing. This is especially true in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for tax savings for electric vehicles. A federal income tax credit is available of up to $7,500. (Depending on where you live, there may also be state tax breaks and other incentives.) However, the federal tax credit is subject to a complex phaseout rule that may reduce or eliminate the tax break. The phaseout is based on how many sales are made by a given manufacturer. The vehicles of two manufacturers have already begun to be phased out. That means they now...
10
Jun 2019
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