Milford, NH Resident Has Questions
The EV tax credit is a federal tax advantage for those that purchase a new or used electric vehicle. New electric vehicles can offer a tax deduction of up to $7,500, while car buyers purchasing a used EV may quality for up to $4,000 in tax deductions. Buyers can opt to claim this credit when filing their taxes or they have the option to transfer the credit to an eligible car dealer and choose an immediate discount on the purchase of the vehicle in lieu of a future tax deduction. There are income limits for taking advantage of this tax deduction. To qualify for a new EV tax deduction, single filters must have an income below $150,000 and below $300,000 for those filing jointly. The used EV tax deduction is only available for single filers with an income below $75,000 and $150,000 for married couples filing jointly.