Don’t let the sticker price of today’s electric cars stop you from being green. With federal tax credits up to $7,500 still available, you can own one of the most fuel-efficient vehicles on the market for less than you might think.
Not only will you save a fortune on gas over the lifetime of driving a plug-in electric car, but you’ll save through federal and state tax incentives as well. Section 30D of the Internal Revenue Code provides a federal tax credit for qualified plug-in vehicles with electric drive motors, including both passenger vehicles and light trucks. While amounts vary based on vehicle size and battery capacity, you could qualify for a total of $7,500 in federal tax breaks alone.
IRC 30D applies to electric plug-in vehicles purchased after December 31, 2009. Once a manufacturer has sold at least 200,000 of these qualifying vehicles, the tax credits will be phased out over time, resulting in significant reductions to the tax incentive program.
Currently, electric car buyers are still able to combine price cuts at the pump with considerable savings come tax time. In addition, many car manufacturers are offering major discounts on electric car models at the dealership. Since electric plug-in vehicles are not selling as quickly as anticipated, you could drive away in one of the cleanest cars made for a bottom line that’s a lot less than the sticker price.
Don’t miss your window of opportunity when it comes to buying an electric car. To learn more about money-saving tax credits and how the numbers stack up for you, get in touch with the tax pros at Taxation Solutions, Inc. We have the tax answers you need in Atlanta and beyond!