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Tax Credits of Certain Electric Vehicles

04 November 2020
Tax Credits of Certain Electric Vehicles

Purchasers of certain electric vehicles may qualify for lucrative tax credits. The credit isn’t new, but the IRS has added several new plug-in electric drive motor cars and light truck models to the list of qualifying vehicles. They include: 2020 Audi e-tron Sportback ($7,500 maximum credit), 2020 Audi A8L PHEV and AudiQ5 PHEV ($6,712 max); 2020 MINI Cooper SE Hardtop ($7,500 max) or 2021 MINI Coo per SE Countryman ($5,002 max); and 2021 Toyota RAV 4 Prime Plug-in Hybrid ($7,500 max), 2020 or 2021 Prius Prime Plug-in Hybrid ($4,502 max). The credit availability begins phasing out after a manufacturer has sold at least 200,000 qualifying vehicles in the U.S. Contact us with questions.

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