|Policy status:||In Force|
|Policy Type:||Economic Instruments>Fiscal/financial incentives>Tax relief, Economic Instruments>Direct investment>Funds to sub-national governments|
|Agency:||US Internal Revenue Service (IRS)|
The Plug-in Electric Drive Motor Vehicle Tax Credit is for the purchase of a new qualified plug-in electric drive motor vehicle that draws propulsion using a traction battery that has at least four kilowatt hours of capacity, uses an external source of energy to recharge the battery, has a gross vehicle weight rating of up to 14,000 pounds, and meets specified emission standards. The minimum credit amount is USD 2,500, and the credit may be up to USD 7,500, based on each vehicles traction battery capacity and the gross vehicle weight rating. The credit will begin to be phased out for each manufacturer in the second quarter following the calendar quarter in which a minimum of 200,000 qualified plug-in electric drive vehicles have been sold by that manufacturer for use in the US. This tax credit applies to vehicles acquired after December 31, 2009.
As of January 1, 2016, 61,279 qualifying vehicles have been sold in the U.S.
Last modified: Fri, 17 Feb 2017 12:44:57 CET