Tax Season Is Here; Remember Your Hybrid Tax Credit
Most parts of the Alternative Motor Vehicle Credit — which helped spur initial demand for hybrid vehicles — have expired, but if you bought your vehicle in 2010, you could still be eligible for a tax credit, depending on your purchase. If you bought an electric car, there’s a separate credit worth up to $7,500.
To be eligible for the credit, you need to have purchased a fuel-cell, hybrid or electric vehicle, or a vehicle fueled by an alternative source of energy, such as compressed natural gas, or an advanced lean-burn vehicle. Tax credits range anywhere from $487.50 to $7,500, depending on make and model. To check out if your new-car purchase qualifies, check out our updated advice page.
Tax Credits and Cars (Cars.com Advice)