How to Get Tax Credits for Your Electric Vehicle Retrospectively
The spending bill passed by Congress this week does not offer any tax breaks for people interested in buying electric vehicles. But it does have some retroactive tax breaks that you can get if you already own one of these newfangled gimmicks.
Here are your options:
- You can get a 30% discount on the installation of an electric vehicle charging station (up to $ 1000).
- You can get a 10% discount on electric vehicles with two or three wheels (up to $ 2,500).
- You can get a loan of $ 4,000 to buy a new fuel cell electric vehicle.
The retroactive renewal applies to 2017-2019. In addition, the loan for a fuel cell vehicle is valid until the end of 2020.
This isn’t a consolation prize if you’re considering splurging on an electric car in 2020. While some members of Congress have pushed for more tax breaks for electric vehicles, including a $ 7,500 loan for consumers buying a new car, the White House has warned they are trying to do so. would jeopardize the entire expense account.
If retroactive expansion sounds familiar, it’s because this isn’t the first time Congress has created a bonus like this. In February 2018, the same tax breaks listed above were granted for eligible purchases made in 2017.
The Electrek Electric Vehicle News website advises that if you wish to take advantage of any of these extended credits, you will need to file revised reports for the relevant year.
Fortunately, filing a revised tax return is easy. You will need a copy of the tax return that you want to amend for your reference, but the hardest part is probably finding the stamp to submit the form to the IRS .