I want to make use of government incentives to knock down the price of an EV before I buy one. How exactly do I apply a state tax rebate on an electric car?
Reviewed by Shannon Martin, Licensed Insurance Agent.
Incentives like tax rebates are a great way to reduce the cost of your EV. However, you can only apply a state tax rebate on an electric car when filing your yearly tax return.
, you’ll need to consider a few things before applying.
Are you eligible?
How much rebate is available for your make and model?
Unfortunately, the rebate does not happen at the time of purchase. When it comes time to file your tax return, the IRS has included a section that addresses the purchase of electric cars. With the help of an accountant or tax expert, you can apply your rebate.
Another way to save when buying an electric car is to make sure you’re not overspending on car insurance. The
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