If you have purchased or plan on buying an EV anytime soon, please be aware that there can be possibly federal as well as state EV rebates available to you that you may be able to take advantage of -- as well as potentially tax credits for the hardware and installation of EV chargers at your home or business location. People who buy new electric vehicles may be eligible for a tax credit as high as $7,500, and used electric car buyers may qualify for up to $4,000 in tax breaks. Please contact us with any questions if you need any assistance with EV rebates.

In 2024, consumers can choose between claiming a nonrefundable credit on their tax returns or transferring the credit to the automobile dealer in order to reduce the price of the vehicle, which gives taxpayers more flexibility in how to apply the benefit.

The IRS includes specific and recent information on their website along the following lines:

If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit. For more information on how to qualify see Publication 5866, New Clean Vehicle Tax Credit Checklist PDF.

At the time of sale, a seller must give you information about your vehicle's qualifications. Sellers must also register online and report the same information to the IRS. If they don't, your vehicle won't be eligible for the credit. For more information see Information for Consumers Purchasing a New or Used Clean Vehicle, Publication 5905 PDF.

Find information on credits for used clean vehicles, qualified commercial clean vehicles and new plug-in EVs purchased before 2023.