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The federal government offers a tax credit of up to $7,500 for the purchase of new electric vehicles (EVs). The amount of the credit depends on the battery capacity of the vehicle and whether it meets certain requirements for domestic content and manufacturing. For vehicles placed in service after April 17, 2023, the credit is phased out for manufacturers that have sold over 200,000 plug-in vehicles.
In addition to the federal tax credit, many states and localities offer their own Electric Vehicle Tax Incentives. These incentives can vary in size and type, but they can include tax credits, rebates, and purchase or lease discounts.
Here are some examples of state and local Electric Vehicle Tax Incentives:
- California: Offers a $2,000 rebate for the purchase or lease of a new EV, and up to $1,500 for the purchase or lease of a used EV.
- Colorado: Offers a $5,000 rebate for the purchase or lease of a new EV, and up to $2,500 for the purchase or lease of a used EV.
- Maryland: Offers a $3,000 rebate for the purchase or lease of a new EV, and up to $1,500 for the purchase or lease of a used EV.
- New Jersey: Offers a $5,000 rebate for the purchase or lease of a new EV, and up to $2,500 for the purchase or lease of a used EV.
- Oregon: Offers a $2,500 rebate for the purchase or lease of a new EV, and up to $1,250 for the purchase or lease of a used EV.
You can find more information about federal and state Electric Vehicle Tax Incentives on the following websites:
- U.S. Department of Energy: https://afdc.energy.gov/laws/409
- Alternative Fuels Data Center: https://afdc.energy.gov/
- Fuel Economy: https://www.fueleconomy.gov/feg/taxcenter.shtml
“This article was written by Bard, a large language model from Google AI.”