Sale will result in a credit, either-although between sales to eligible individuals and credits that go to lease financing companies, most will.
But you still have some time before any maker starts to get close to that 200,000 total-so you can safely keep shopping.
It must be treated as a motor vehicle for purposes of title II of the Clean Air Act.
Sales are expected to resume rising in 2016, with an all-new, longer-range Chevy Volt on sale, a higher-range Nissan Leaf, and some new plug-in entries as well.
If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.) The vehicle is used mostly in the United States.The vehicle is acquired for use or lease by the taxpayer, and not for resale.For example: Toyota Prius royal caribbean promotion code Plug-In Hybrid: 2, Ford Fusion Energi C-Max Energi: 4, Chevrolet Volt, Nissan Leaf, Tesla Model S, others: 7,500 2013 Nissan Leaf, Nashville area test drive, April 2013.State and/or local incentives may also apply.For two quarters, the credit is halved; for a third quarter, it is set at 25 percent of the original amount.The vehicle must be placed in service by the taxpayer during or after the 2010 calendar year.Enlarge Photo, one month from today, personal income-tax returns are due for most.S.Vehicle Make Model, vehicle Type, full Credit.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.Some of those taxpayers will have bought a plug-in electric car last year, knowing that the Federal government offers an income-tax credit to help reduce the effective cost.Small neighborhood electric vehicles do not qualify for this credit, but they may qualify for another credit.
But whereas hybrids were capped at 60,000 vehicles per carmaker, plug-in vehicles have a higher cap: 200,000 cars per manufacturer.
The relevant rules can be found on the.
IRS will announce when a manufacturer exceeds this production figure and will announce the subsequent phase out schedule ( Plug-In Electric Drive Motor Vehicle Credit Quarterly Sales ).
2012 Toyota Prius Plug-In Hybrid - production model.
Other requirements or exceptions may apply.For vehicles acquired for personal use, report the credit from Form 8936 on the appropriate line of your Form 1040,.S.The following requirements must also be met for a certified vehicle to qualify: The original use of the vehicle commences with the taxpayerit must be a new vehicle.For more detailed information, please consult an IRS tax representative and/or official IRS publications.Federal Tax Credit Up To 7,500!Income tax return for the year in which the electric car was purchased.Not every single.S.Enlarge Photo, in practice, General Motors and Nissan are closest to that limit.