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Are tax credits still available for electric cars?
I plan to purchase an electric vehicle, and it's a bit above my budget. Are there any tax credits still available for electric cars?
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As sales of EVs continue to grow, more people like you are ready to make the switch. They are excited about the benefits and savings of owning an electric car but still find themselves battling with the high purchasing price compared to a gas vehicle.
Fortunately, the federal government and some states are willing to offer incentives to make this transition easier for the people ready to drive clean.
Though tax credits are not permanent and have already begun to expire for some major car brands, you may still have a few incentives in the form of tax credits or rebates to pick from.
In 2010 a
one-time federal tax credit
was established where buyers of new EV’s get to deduct up to $7,500 from their income taxes for the year they purchased the cars. There are also state-specific tax credits you’ll want to look into depending on where you live.
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