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Beginning on July 1, 2016, a sales tax exemption applies to the first US$32,000 of the selling price of a qualifying new plug-in electric car, which translates into a tax savings between US$2,600 and US$3,100 for plug-in car buyers depending on where the dealer is located within the state, as the sales tax varies by county.
Electric vehicles and plug-ins are exempt from the annual circulation tax for a period of five years from the date of their first registration. [44] [73] In 2016, the annual circulation tax exemption was extended from five to ten years, backdated to 1 January 2016. [74]
This record level of sales allowed China to rank as the world's best-selling plug-in electric car country market in 2015, ahead of the U.S., which was the top selling country in 2014. [76] The plug-in electric passenger car segment market share rose to 0.84% in 2015, up from 0.25% in 2014. [119]
DETROIT (AP) — Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. government income tax credits at the time of purchase ...
Currently, the tax credit for purchasing a qualifying new battery-electric and plug-in hybrid vehicles is either $3750 or $7500. Used EVs and PHEVs sold for $25,000 or less are also eligible for a ...
To claim the tax credit, the buyer must file Form 8936 (Qualified Plug-in Electric Drive Motor Vehicle Credit Including Qualified Two-Wheeled Plug-in Electric Vehicles) with their tax return. Note ...
The Energy Independence and Security Act of 2007 expanded these incentives to include emerging electric vehicle, and plug in hybrid, technology. [4] The Energy Improvement and Extension Act of 2008 only acted to push back tax credit-claiming deadlines and include more electric vehicles in existing incentive programs. [4]
Despite the tax credits, sales of electric vehicles grew only 3.3% to nearly 270,000 from January through March of this year, far below the 47% growth that fueled record sales and a 7.6% market ...