Tax Guy: You can get a $7,500 tax credit for a new electric vehicle

Keeping track of tax breaks that have expired and those that are still around can be challenging, even for tax professionals like me. However, I can tell you with certainty that the federal income tax credit for qualifying new plug-in electric vehicles is still on the books. The credit can be worth up to $7,500. Some states offer additional incentives. Here’s what you need to know to cash in.

Credit basics

To be eligible for the federal credit, a vehicle must draw propulsion from a battery with at least four kilowatt hours of capacity; use an external source of energy to recharge the battery (thus the term plug-in); be used primarily on public streets, roads, and highways; have four wheels; meet applicable federal emission and clean air standards; and be used primarily in the U.S.

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