TAX CREDIT DIRECTIONS
This Information is Provided as a Rough Guideline. Each individual tax situation must be evaluated by a tax professional to determine
the actual advantages and costs of purchasing an alternative fuel vehicle.

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Please Consult Your Tax Professional Prior to Purchasing an Electric Vehicle

 

 

There is a growing number of tax breaks for electric car owners at the state and federal level. Government officials areencouraging ownership of
hybrid and alternative-energy vehicles to deal with shortages of fossil fuels. The first step toward getting tax breaks on an electric car is a consultation
with a certified tax attorney.

  • Suggested IRS Form 8910
  1. Follow the number of sales for an electric car company to determine the level of your tax break. The federal tax credit for alternative-fuel vehicles is limited to 60,000 vehicles per company.

  2. Keep the weight of your electric car in mind before you use state and federal tax breaks. The weight class and body type of electric cars determine the maximum credit available.

  3. Amplify your tax benefits by purchasing multiple electric cars at the same time. This benefit is attractive for businesses hoping to save on fuel costs in subsequent calendar years.

  4. Fill out Form 8910, which you can download from the United States Internal Revenue Service website, to get tax breaks on your electric car (see Resources below). This form provides the purchase price, certified credit amount and vehicle details to legitimize your right to tax breaks.

  5. Obtain tax information regarding the maximum credit on your electric car from the dealer. Dealers calculate the highest tax break available to new owners using state documents, such as Form 0168 from the Colorado Department of Revenue website (see Resources below).

  6. Glance at the calendar to adhere to timelines for electric car tax breaks from state and federal agencies. State tax credits may lapse at a certain point each year.

  7. Apply the tax break you get for electric cars to your annual liability to avoid problems with the IRS. A taxpayer cannot receive a refund based on this federal program.

  8. Count up other tax breaks before you apply the alternative-fuel credit to your liability. You may get greater benefits from federal breaks like the Earned Income Tax Credit, without using credits gained from the purchase of an electric car.
  TAX CREDIT INFORMATION WEBSITES
We'll Help You take Advantage of the Many Goverment Incentive Programs
 
U.S.A.
  I.R.S. Home Page IRS.gov E.D.T.A. Tax Information   electricdrive.org
  Aliance to Save Energy ase.org Fuel Economy   fueleconomy.gov
  U.S. Dept of Energy Laws afdc.energy.gov Plugin America   pluginamerica.org
    Oregon Dept of Energy   oregon.gov
       
       
     


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