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USA: Plug in tax savings for electric vehicles

plug-in electric carAre you looking to “go green” with your next vehicle purchase? Sadly, the tax benefits for buying hybrid cars are no longer available. But that doesn’t mean you still can’t drive a hard “tax bargain” if you’re energy-conscious.

Strategy: Consider a plug-in electric vehicle. If the vehicle qualifies under the latest tax laws, you can claim a credit of up to $7,500. The credit is a dollar-for-dollar reduction of your tax bill.

Although the tax credit for plug-in vehicles expired after 2011, the American Taxpayer Relief Act (ATRA) reinstated it, retroactive to the 2012 tax year, and extended it through 2013.

Here’s the whole story: The credit is equal to $2,500, plus $417 for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500.
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