Buzz
The recently passed spending bill by Congress does not provide any new tax incentives for those purchasing electric vehicles. However, it does include some retroactive tax credits for those who already own these innovative vehicles.
Here are your available options:
You can receive a 30% rebate on the cost of installing an EV charging station (up to $1,000).
You can earn a 10% credit for electric vehicles with two or three wheels (up to $2,500).
You can claim a $4,000 credit for purchasing a new fuel-cell electric vehicle.
The retroactive extension applies to the years 2017 through 2019. Additionally, the fuel-cell vehicle credit remains available until the end of 2020.
While it’s no consolation for those who were hoping to buy an electric vehicle in 2020, the bill doesn’t include expanded tax credits. Although some Congress members pushed for a $7,500 credit for new vehicle buyers, the White House warned that such a move could jeopardize the entire spending bill.
If the retroactive extension seems familiar, it’s because Congress has previously introduced similar incentives. Back in February 2018, the same tax credits were extended for eligible purchases made in 2017.
According to the electric vehicle news site Electrek, if you want to claim these extended credits, you’ll need to file amended returns for the appropriate year.
Fortunately, filing an amended return isn’t difficult. You’ll just need a copy of the original return for reference, though the most challenging part might be finding a stamp to mail the form to the IRS.
