Feb 16 2016

Is Your Fuel-Efficient Car Eligible For Tax Credit This Year?

Published by at 8:25 am under Uncategorized

Car Eligible For Tax Credit

It’s time to go bananas!

Did you purchase an electric or alternative motor vehicle in 2015? You might be in store for a tax credit, making your fuel-efficient purchase all the more valuable. There are two federal tax credits that might apply to you: “qualified plug-in electric drive” or “alternative” motor vehicle.

The first tax credit applies to vehicles that are run to a significant extent or entirely by an electric motor, draw electricity from a battery, and can be recharged from an external source of electricity.

Additionally, the alternative tax credit applies to fuel cell vehicles that are powered by one or more cells that convert chemical energy into electricity. Both of these credits only apply if the taxpayer specifically put the car into service during the 2015 year.

If you think this applies to you, we definitely recommend doing some research (or contacting a professional) to confirm, and applying for one of these credits.

Alternatively, if you don’t have a car eligible for tax credit this year, perhaps you’ll want to change that for next year!

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