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Federal Tax Credits For Plug-In Hybrids, Electric Cars
2014-08-21 21:49:50| AutomotiveDigest.com - Automotive Industry News
If you want to get a special incentive for driving a hybrid, you're a few years too late; but a tax credit applies to nearly every electric car and plug-in hybrid on the market and it can, in some cases, effectively reduce your cost for such a model to that of an ordinary gasoline vehicle (or even less). The widely mentioned $7,500 tax credit is arguably confusing from the start. The federal government gives information on it from a 'Tax Incentives Resource Center,' but it isn't treated as an incentive or rebate to consumers, so you don't get it at the time of purchase. It's not a tax deduction (a reduction in taxable income) either. With a tax credit, you reduce the amount of income tax you owe. READ MORE to learn what you need to know. The Article Federal Tax Credits For Plug-In Hybrids, Electric Cars appeared first on Automotive Digest.
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Category:Automotive