The federal government offers an income tax credit of up to $7,500 on all-electric and plug-in hybrid cars that are/were purchased new in or after 2010. The amount of credit one is eligible for varies based on the capacity of the battery that’s used to power the vehicle. Do small neighborhood electric vehicles qualify for this credit? However, since President Biden signed the $739 billion Inflation Reduction Act into law, it seems to disqualify the Hornet R/T PHEV for the tax credit. The Inflation Reduction Act has a stipulation on parts, content, and final assembly of an electrified vehicle in North America in order to qualify for the renewed $7,500 credit.

The available tax credit here is up to $4,000. To qualify, a used EV or plug-in hybrid must have a list price of $25,000 or less. Income requirements are limited to $75,000 for single filers and $150,000 for joint filers.

Eligible taxpayers can get a rebate of up to $4,500 for FCEVs, $2,000 for BEVs, $1,000 for PHEVs and $750 for emissions-free motorcycles. Buyers with low or moderate incomes – less than or equal to 400 percent of the federal poverty level – may qualify for an additional $2,500, and as of August 15, 2023, these applicants would also receive a card with $2,000 of credit for use at public
Eligible customers can also apply for a rebate of $1,300 rebate on the purchase of a pre-owned EV or plug-in hybrid electric vehicle (PHEV), with an additional $200 available for moderate income . 286 497 55 10 29 399 429 218

does plug in hybrid qualify for tax credit