What We Need To Get Electric Cars Tax Credit

If you consider buying an electric car, make sure that you take the full benefit of federal tax incentive, which will be given to customers who buy vehicles that primarily run on electricity. It is possible to take the advantage of having multiple tax credits on just one transaction, even if it still depends on the type of the electric car we buy. Some states may have their own separate electric cars tax credit. When we consider the savings from using state and federal tax credit along with the possible savings on gas, purchasing an electric car may become a reasonable option.

What we need to do to get electric cars tax credit are:

- Ask the dealer to provide tax credit eligibility information that will help us complete tax forms on any recent revisions to existing tax credits.
- Buy a new electric car. We will get the greatest amount of the current federal tax credit if we buy a car with larger battery capacity.

- Claim the Electric Drive Vehicle Credit by filling out Form 8936. And, we need to attach it on our federal tax return for the year we purchase the car.
- If we are purchasing smaller and low-speed electric car, we need to use the Plug-In Electric Vehicle Credit. We are able to claim up to $2,500 from such electric car by filling out form 8834.

There are still many other solutions to get electric cars tax credit. Basically, what we need to do now is asking information from the stakeholders or people who understand about it well.


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