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What is the Federal Tax Credit for Electric Vehicles?
The government provides a substantial tax credit to individuals who install home charging stations in an effort to promote the usage of hybrid vehicles.
You can receive 30% of the total cost (including the station and its installation), up to $1,000 and up to $30,000 for businesses.
Need Help with Your EV Tax Credit?
Receiving this credit is simple. First, purchase the station and pay for installation. Keep receipts for all associated costs including the station, installation, electrician bills, and so on. After completing your tax return, fill out form 8911 as well.
This part can require some intense calculations, so it may be helpful to work with a tax professional. Once you finish, file 8911 along with your regular return, and your credit will come back from the IRS.
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