IRS Tax Credit
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Vermont Congressman Peter Welch has filed a bill to extend federal electric-car tax credits for 10 more years, just as the credits begin to run out on the two largest electric-car manufacturers, Tesla and General Motors. Both Tesla and General Motors are expected to reach their cap of 200,000 electric car sales in 2018. Tesla may already have. The way the tax-credit law is written, after each automaker sells 200,000 electric cars, the credits for that automaker's cars begin to phase out. DON'T MISS: Tesla nearing limit of $7,500 federal tax credits, which will boost effective prices this fall...
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When do electric-car tax credits expire? (updated for 2018)
In less than three months, personal income-tax returns or 2017 will be due for most U.S. adults. Some of those taxpayers will have bought a plug-in electric car last year, knowing that the Federal government offers an income-tax credit to help reduce the effective cost. But as more and more...
John Voelcker -
IRS Electric-Car Tax Credits: Reporting Discrepancies Remain
As U.S. taxpayers start to grapple with their income-tax filings, due April 15, tens of thousands of taxpayers will benefit from a Federal income-tax credit of $2,500 to $7,500 offered to buyers of plug-in electric cars. Enacted in 2009, it was intended to spur the early sales of such cars whose...
John Voelcker -
Electric-Car Charging-Station Tax Credit Expires On Dec 31st
Consider this your last warning: If you're planning on getting a charging station for a plug-in electric car, you only have 30 days. More specifically, at least, you'll have to get it up and running by December 31 this year in order to take advantage of a Federal income-tax credit of 30 percent of...
John Voelcker -
2012 Tax Credits For Electric Cars And Charging Stations
One month from today is Tax Day, April 15. Let us repeat that: Your Federal income taxes (and your state and local taxes too, if you live in places with their own income taxes) must be filed 31 days from today. So consider this our friendly reminder to start getting your paperwork in order if you...
John Voelcker -
It's Tax Time: Have You Filed For Your Green-Car Credits?
One month from today, your 2011 Federal and state tax returns will be due. (It would have been a month from yesterday, but April 15 falls on a Sunday this year.) So consider this your friendly reminder to make sure that if you bought a plug-in car during 2011, you remember to apply for the Federal...
John Voelcker -
This week is the heart of tax time. If you're like many other taxpayers or a small businessperson, right about now you're looking up the 2010 mileage rate that the IRS lets you use when deducting personal-vehicle use as a business expense. So here's the answer: The IRS mileage rate is 50 cents per mile for business miles driven during the 2010 tax year. You also get to deduct 16.5 cents per mile driven for medical or moving purposes, and 14 cents per mile for distances you drive while on charitable pursuits. But whether those rates cover your costs or not is a different question. One way to...
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Senator Stabenow: $7,500 Electric-Car Credit Should Be Rebate
It's long been known that purchase rebates--buy a car, get a check--are a more effective incentive for purchase of any kind of car than an income-tax credit, which may take a year or more to affect the buyer's cash position. But the current tax credits for purchase of plug-in cars, up to $7,500 for...
John Voelcker -
How To Pay Just $12,280 For A Brand-New 2011 Nissan Leaf Electric Car
All the different incentives to purchase electric cars can be confusing. But if all the stars align and you're the lucky person who can take advantage of multiple incentives, there’s a slim chance that you could buy a brand-new 2011 Nissan Leaf for a mere $12,300. Here’s how it works...
John Voelcker -
2011 BMW ActiveHybrid 7 Qualifies For $900 Tax credit
The all-new 2011 BMW ActiveHybrid 7 is currently rolling into dealerships across the country and potential customers will be happy to know that they will be entitled to a $900 tax credit under the Internal Revenue Service’s Alternative Motor Vehicle provision. The standard and long-wheelbase...
Viknesh Vijayenthiran