While that doesn’t translate into direct savings off the purchase price, you may get some delayed gratification after April 15. A 7,500 tax credit for purchasers of new electric vehicles is changing again after the U.S. All-electric, plug-in hybrid, and fuel cell electric cars purchased new in 2023 or after may be eligible for a federal income tax credit of up to 7,500. Here’s what’s being offered as of this writing for the 2022 model year according to the Environmental Protection Agency’s fueleconomy. When you buy an electric or plug-in hybrid vehicle that was assembled in North America, you may qualify for a federal tax credit that reduces your income tax liability. 1, 2022: 2,500 towards the purchase or lease of a new or used battery electric or plug-in hybrid electric vehicle. The answers below address aspects of tax credits that may not have been discussed in the descriptions of the tax credits provided elsewhere on . 1, 2022: 5,000 towards the purchase or lease of a new or used battery electric or plug-in hybrid electric vehicle. Things are a bit more complicated with plug-in hybrids, as the federal tax credit amounts for each model vary depending on the capacity of its battery pack. Below are some frequently asked questions about the Federal tax credits for plug-in electric and fuel cell vehicles. The motor vehicle or truck must be titled and registered in Colorado. For purchases and leases, the motor vehicle or truck must be new and not previously titled or registered in any jurisdiction. Provisions and exclusions are plentiful among EV incentive programs, so be sure to check your state’s Internet portal for details. Electric and plug-in hybrid electric vehicles and trucks must meet all of the following criteria to qualify for the credit. Several states and even some eco-minded cities offer their own incentives for EV and plug-in hybrid buyers that typically take the form of either a tax credit or a rebate.
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