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Electric Vehicle Tax Credit: You Can Still Save Greenbacks for Going Green

Monday, April 8, 2019

Are you considering buying a new plug-in electric vehicle or a plug-in electric-gas hybrid vehicle? There is good and bad news about the tax credits and other cost-saving benefits available on these vehicles.

The good news is that the Tax Cuts and Jobs Act didn’t eliminate the federal income tax credit for purchasing plug-in electric vehicles. But the bad news is that credits for Tesla and General Motors (GM) vehicles are being phased out, because these manufacturers have already sold the threshold number of credit-eligible vehicles allowed under the tax law. Here’s the updated story on this potentially valuable federal income tax break. READ MORE