Federal Electric Vehicle Tax Credit
Electric vehicle and hybrid tax credits are fairly easy to understand at the federal level.
4/1/19 to 9/30/19 - $3,750
10/1/19 to 3/31/20 - $1,875
This is for the following vehicles:
2017-19 Chevrolet Bolt EV
2011-19 Chevrolet Volt
Requirements:
- Must be a new vehicle
- The vehicle is acquired for use or lease by the taxpayer, and not for resale.
- The vehicle is used mostly in the United States.
How to Get Your Federal Tax Credit
- Fill out Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit.
- For vehicles acquired for personal use, report the credit from Form 8936 on the appropriate line of your Form 1040, U.S. Individual Income Tax Return.
- For vehicles purchased in 2010 or later, this credit can be used toward the alternative minimum tax (AMT).
- If the qualifying vehicle is purchased for business use, the credit for the business use of an electric vehicle is reported on Form 3800, General Business Credit.