Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks.
The Plug-in Electric Drive Motor Vehicle Credit is a non refundable credit. While a non-refundable credit can make your tax obligation zero, it cannot produce a refund.
Owners and producers of specific plug-in electric drive motor vehicles, such as passenger cars, light trucks, and two-wheelers, are eligible for tax credits from the IRS.
Depending on the size of the electric battery, the credit for these kinds of cars ranges from $2,500 to $7,500.
For each eligible vehicle, you may only submit a single credit claim for Plug-In Electric Drive Motor Vehicle Credit.