What is the EV (Electric Vehicle) Tax Credit?

The EV (electric vehicle) tax credit is a federal tax credit available to individuals and businesses who purchase or lease certain electric vehicles. The credit amount varies depending on the make and model of the vehicle, and the credit can be applied to the buyer’s federal income taxes. The credit begins to phase out for a manufacturer’s vehicles when at least 200,000 qualifying plug-in electric drive motor vehicles have been sold for use in the United States.

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