2020 – 12/17 Are you in the market for a new plug-in electric vehicle? If so, the IRS has recently added several new vehicles eligible for the plug-in electric drive motor vehicle credit. The credit is equal to $2,500, plus an additional amount that cannot exceed $5,000 and is based on the vehicle’s battery capacity. Thus, the total amount of the credit allowed for a qualifying vehicle is limited to $7,500. Taxpayers purchasing a qualifying vehicle can claim the credit using Form 8936, “Qualified Plug-in Electric Drive Motor Vehicle Credit.” For more information on the credit, contact us or visit: For a complete list of qualifying vehicles, visit:
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