20 Nov Your $7500 electric car tax credit: Everything you need to know.
The Tax Cuts and Jobs Act, if passed, may remove the $7,500 electric car tax credit at the end of the year. Don’t miss out; act now to get your tax rebate.
On the fence about owning an EV?
Here’s a reason to buy today: the $7,500 federal tax credit for electric car buyers could vanish in just a few months. The tax plan unveiled last week could eliminate the $7,500 electric car rebate on December 31, 2017. This means you’ll pay more for an EV in 2018 than 2017, about $7,500 more.
Here’s how the EV tax credit works
After you purchase your EV, you fill out a special form – IRS Form 8936 – to include with your tax return. The size of your vehicle and its battery capacity determines the amount of credit you get. It’s as simple as that.
The credit starts to phase out for a given electric vehicle once 200,000 qualifying vehicles have been sold for use in the U.S., but no automaker has reached that cap yet. For more information, see Notice 2009-89.
If you’ve been toying with the idea of becoming an electric vehicle owner, now’s the time to make the leap before the credit disappears.
Becoming an EV owner can be life-changing
It saves you money because you’ll spend less on gas. An EV costs about $1 per gallon to “refuel” compared to the average cost of filling a gas-powered car, $2.69 a gallon. The average American spends anywhere from $2,000 to $4000 on gasoline every year. You be spending much less on electricity with an EV.
You’ll spend less time at the mechanic
Many EV owners find their biggest maintenance is simply rotating the tires and keeping them properly inflated. Combine that with a much smoother ride and exclusive discounts and perks—access to High-Occupancy Vehicle (HOV) lanes on freeways and “off-peak” electricity rates—and you’ll wonder why you stuck with a gas-powered vehicle for so long.
Plenty of great EVs on the market
The Chevy Bolt, which boasts a 238-mile range, and BMW i3 are two EVs tested and recommended by Consumer Reports. You can take home the Nissan Leaf for less than $20,000 with EZ-EV’s special promotion plus the federal tax credit.
Whichever EV interests you, take advantage of the $7,500 tax rebate while it lasts and your ideal model is still in stock.