Electric vehicle $4,000 tax credit deadline is Dec. 31 | SummitDaily.com

Electric vehicle $4,000 tax credit deadline is Dec. 31

For those considering buying an electric vehicle, Dec. 31 is the last date to qualify for a $4,000 state tax credit.

The Innovative Motor Vehicle income tax credit on the purchase of a new plug-in hybrid or all-electric vehicle will drop to $2,500 in 2021. The credit for leasing an electric vehicle will decrease to $1,500 next year from the current $2,000, according to a news release from Clean Energy Economy for the Region.

Electric vehicle purchasers also can claim a federal income tax credit of up to $7,500, but the size of the federal credit depends on the vehicle model and the purchaser’s individual tax liability.

Find more information at GarfieldCleanEnergy.org/buying-an-ev.

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