Qualified Plug-in Electric Drive Motor Vehicle Credit

You can report your plug-in electric motor vehicle to receive a credit by the IRS. Previously, this credit was only applied to passenger vehicles and light trucks and vehicles purchased after December 31, 2009. The good news is that this credit for qualified two-wheeled plug-in electric vehicles is now able to cover vehicles acquired in 2018, 2019, and 2020.

However, the credit begins to phase out for a manufacturer, when that manufacturer sells 200,000 qualified vehicles in the United States.

Qualified Plug-in Electric Drive Motor Vehicle

• A new vehicle with at least four wheels
• Is propelled to a significant extent by an electric motor that draws electricity from a battery
• Has a capacity of not less than 4 kilowatt hours
• Is capable of being recharged from an external source of electricity
• Has a gross vehicle weight of less than 14,000 pounds.

Qualified Two-Wheeled Plug-in Electric Vehicle

• A new vehicle with two wheels that:
• Is capable of achieving a speed of 45 miles per hour or greater,
• Is propelled to a significant extent by an electric motor
• draws electricity from a battery that has a capacity of not less than 2.5 kilowatt hours
• Capable of being recharged from an external source of electricity
• Has a gross vehicle weight of less than 14,000 pounds.

For the full list of qualified vehicles obtained in 2010, click here.

This entry was posted on Friday, November 20th, 2020 at 2:35 pm and is filed under Credits. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.