How Do Electric Car Tax Credits Work?
Have you purchased a Ford EV in the past year? If so, don't forget to claim your electric car tax credits! EV incentives make it possible for you to save even more on the total purchase of your electric car this tax season. The team at our Ford dealership in Chatsworth wants to make sure you receive every financial benefit that's available to you, so be sure to learn about how you can claim EV tax incentives. Reach out to us if you have any questions and the Chatsworth Ford sales team can tell you everything you need to know about Ford tax credits!
All-electric and plug-in hybrid cars purchased new in or after 2010 may be eligible for a federal tax credit of up to $7,500. So, when you buy a new Ford Mustang Mach-E or other EV from our nearby Ford dealer, you can claim a federal tax credit. You can browse our list below to see which vehicles specifically qualify for federal tax credits, and contact Chatsworth Ford if you'd like to speak with one of our EV sales experts!
How Do I Get My Electric Vehicle Tax Credit?
When it's time to file your taxes, you can claim up to $7,500 in credit against federal income taxes you owe. This tax credit can only be claimed during the year in which you purchased your vehicle. The tax credit can be added alongside your refund if you're eligible for a tax refund.
Am I Eligible for an Electric Car State Tax Incentive in Georgia?
While some states do offer additional tax incentives for those who purchase an electric vehicle, Georgia is not one of them. However, Georgia does offer some incentives, including the plug-in electric vehicle charging rate incentive. Georgia Power offers a time-of-use electricity rate for residential customers who own a plug-in electric vehicle.
Can I Get an Electric Car Tax Credit on a Used Car?
No, you cannot. The federal tax credit for electric vehicles is only applicable to new car purchases in the same year you're filing.
Can I Get a Tax Credit If I Lease an Electric Vehicle?
No, leased vehicles don't qualify. You're only eligible for a tax credit if you buy an EV.
Which Electric Vehicles Are Eligible for Tax Credits?
Take a look at our chart below to see exactly which Ford EVs qualify for a tax credit. If you have any specific questions or want to learn more about Ford EV benefits, the team at Chatsworth Ford looks forward to speaking with you!