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Plug-in Electric Drive Vehicle Credit at a Glance

Plug-in Electric Drive Vehicle Credit at a Glance

You may be eligible for a credit under Section 30D(a), if you purchased a car or truck with at least four wheels and a gross vehicle weight of less than 14,000 pounds that draws energy from a battery with at least 4 kilowatt hours and that may be recharged from an external source. You must have purchased it in or after 2010 and begun driving it in the year in which you claim the credit. The credit ranges between $2,500 and $7,500, depending on the capacity of the battery. The credit begins to phase out for a manufacturer, when that manufacturer sells 200,000 qualified vehicles.

You may be eligible for a credit under section 30D(g), if you purchased a 2- or 3-wheeled vehicle that draws energy from a battery with at least 2.5 kilowatt hours and may be recharged from an external source. You must have purchased the vehicle in 2012 or 2013 and begun using it in the year in which you claim the credit. The credit is 10% of the purchase price of the vehicle with a maximum credit of $2,500.

For more info please visit the IRS LinkĀ 

 

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