A
good starting point indeed this 2016 as tax and incentives on vehicles is revised
to suite almost 80% of the world’s market purchasers. This vehicle has a
shocking say on prizes as well as efficiency, speed and durability. According
to $30D of the Internal Revenue Code, effective for all vehicles purchased
beginning on Jan. 1, 2010, “a vehicle that draws propulsion energy from a
battery with at least 5 kilowatt hours of capacity” is eligible for both the
basic $2,500 income tax credit for “certain new qualified plug-in electric
drive motor vehicles” and an additional, incremental amount of credits, based
on battery capacity above 5 kWh and capped at $5,000. Now, this being the IRS,
there are some restrictions, but at this stage, all of the EVs currently on
sale in this country from the traditional automakers do qualify for the full
$7,500 credit. There are also separate credits available for plug-in hybrid
vehicles, too.
Thanks
to the 2016 electric car tax incentives and rebates, along with improved
pricing from the automakers, it’s never been easier on your wallet to enjoy the
zero-emissions, all-electric driving benefits of a modern-day EV. While finding
the MSRP of an EV is a simple process, however, making sure that you’ve cashed
in on all available discounts to minimize a stated sticker price can be a
challenge.
And
there’s a surprisingly wide range of state and local tax incentives for EV
purchasers as well, in some cases providing substantial financial benefits and
not just in the states you’d expect. Colorado, for instance, offers up to
$6,000 in state tax credits for purchasers of electric vehicles, which comes on
top of the federal tax credit, while Louisiana furnishes a tax credit for up to
10 percent of the cost of an electric vehicle (up to $3,000). A robust
state-by-state breakdown of incentives for hybrid and electric vehicles also
can be found at the Website for the National Conference of State Legislatures.
