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30 Van Nostrand Ave, Englewood, NJ, 07631

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  • Mon - Sat9:00 AM - 6:00 PM
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  • Mon - Fri7:30 AM - 6:00 PM
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  • Mon - Fri8:00 AM - 5:00 PM
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How Does the Federal Tax Credit for Electric Cars Work?

2022 Jaguar I-PACE
 

When you purchase a new electric vehicle, you could benefit from a big electric car tax incentive! How does the federal tax credit for electric cars work? As long as the vehicle meets the minimum qualifications—seen below—you could receive between $2,500 and $7,500, up to the amount that you would otherwise owe in income tax. If you have any questions about claiming the current EV tax credit with the purchase of a new Jaguar I-PACE, don’t hesitate to reach out to our financing team.

Which Models are Applicable for this Electric Car Tax Credit? 

Starting on December 31, 2009, all electric vehicles that meet the following criteria are eligible for the electric car tax incentive:

  • Built with a traction battery that has at least 5 kWh of power
  • Recharges using an external power source
  • Has a gross vehicle weight rating of 14,000 pounds or less
  • Will be primarily driven in the United States
  • Meets emission standards
  • Is built by qualified manufacturers

For a full list of eligible models, check the IRS’s EV motor credit guide before you buy.

Am I Eligible for the Federal Electric Car Tax Credit?

It’s important to note that the federal electric car tax credit only applies to vehicles that are bought, rather than leased. It’s also important to keep in mind that your EV tax credit payout cannot be larger than the amount you’d pay in income tax. This amount is based on your income and on where you live, and it may be impacted by other factors and deductions.

Essentially, the federal electric car tax incentive is deducted from the amount that you would otherwise owe. So, if you’d normally pay $5,000 in income tax, you may be able to benefit from an EV tax incentive of up to $5,000—up to the incentive amount that has been authorized for that particular vehicle.

Since the EV tax credit only applies to new vehicles, it cannot be transferred to a second purchaser if you decide to sell the vehicle.

How Long Will the Federal Electric Car Tax Credit Be Available? 

Only purchases made from certain manufacturers are eligible for the federal electric car tax credit—and this benefit starts to phase out after a manufacturer has sold at least 200,000 eligible EVs or plug-in hybrids. So, purchases from Tesla and General Motors are not eligible for this incentive at all.

On the other hand, Jersey City and Fort Lee drivers can benefit from the federal electric car tax credit if they purchase a new Jaguar I-PACE. Plus, it’s easy to save even more when you take advantage of our current Jaguar I-PACE incentives.

Find Your New Electric Vehicle at Jaguar Englewood

Explore our Jaguar research guides to learn more about the vehicles that we sell, or take advantage of our most useful car-buying tips to make sure that your money goes as far as it can! If you have any questions along the way, just reach out and let us know! We’re easy to reach from anywhere near New York City.

 

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