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81% of EVs Sold in 2023 Still Qualify for the Federal EV Tax Credit

EV Life

The Inflation Reduction Act of 2022 (IRA) introduced new guidelines for a federal EV tax credit aimed at helping qualified drivers purchase an electric vehicle. The tax credit is part of a broader plan to make 50% of new vehicles sold in the United States hybrids or plug-ins by 2030.

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How Do the Electric Vehicle Tax Credits Work?

Blink Charging

First, the easy part: How do I claim the $7,500 EV tax credit? The US Department of Energy has issued these steps for claiming the CVC, which may be up to $7,500 on your personal or business taxes: Fill out Form 8936 , the Qualified Plug-in Electric Drive Motor Vehicle Credit. You also cannot use that difference for your next tax bill.

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Using the PHEV (Plug-In Hybrid Electric Vehicle) to Transition Society Seamlessly and Profitably From Fossil Fuel to 100% Renewable Energy

Green Car Congress

The PHEV (Plug-in Hybrid Electric Vehicle), a subset of the electric car, combines a primary electric motor with a much smaller back-up engine fueled with a hydrocarbon/biofuel mix. (In In this paper PHEV refers solely to the long-range PHEV of 60 miles (100 km) electric-only range.) It is much more than that.

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EV Tax Credit: The Guide Your Car Dealer Doesn’t Want You To Read

EV Life

To accelerate the adoption of electric vehicles (EVs) and plug-in hybrids (PHEVs), the US Government offers a federal EV tax credit of up to $7500 to anyone purchasing or leasing an electric car. Personalize Your EV Tax Credit. Want to skip the reading and personalize your EV tax credit based on your vehicle, zip code, and income?