Here’s How You Can Avail The $7500 Electric Vehicle Tax Credit

[{"selector":"#anim-1a7d750c-6920-43d0-9dcb-a96f7df7441a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7ac22ffe-05b4-4393-bdfd-11e85a86c9ee","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-14cfcd4e-a8bb-4410-ada6-9e641fec4627","keyframes":{"transform":["translate3d(118.15181%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The $7500 electric vehicle tax credit has been around since 2009,

[{"selector":"#anim-aec50691-519c-4dca-9a7a-4eddbd7eaf41 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.816143822806882%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c1f8b1f8-a8ac-4e8b-a4c7-ad6c35857410","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66fa17ed-7fe7-4eb2-8df7-0c56fd35d753","keyframes":{"transform":["translate3d(117.82179%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

providing an incentive to help those interested in switching to electric vehicles.

[{"selector":"#anim-411da311-1d2d-4730-9426-16404ada07bc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2a1cab9a-59c3-4bf3-a6e3-3a463a9b3332","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-721cb0d8-d5f7-4b6d-bca7-072259c5ab7c","keyframes":{"transform":["translate3d(117.82179%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

To avail this tax credit, you must first purchase or lease a qualifying electric vehicle.

[{"selector":"#anim-ac0ca3fc-60f4-4e75-8afe-4614c3013bd5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(33.4675479766048%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-cfd757a4-5b2d-4f8f-ae71-67cbdcb58969","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-73f05125-e3c8-4df7-b71c-eef23de0ae75","keyframes":{"transform":["translate3d(117.82179%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The current qualifying models include all-electric cars and plug-in hybrid cars purchased or leased new in the United States.

[{"selector":"#anim-523cbb84-5743-4555-a15d-f4189a5e2a82 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9c56feb2-1c0b-45d2-8e96-069908c5dff0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e13923a2-8223-42c8-bbaf-b0506526da32","keyframes":{"transform":["translate3d(117.82179%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

You then have to complete IRS Form 8936, which should be filed with your taxes.

[{"selector":"#anim-b4b6d60d-9fb2-4a22-949c-63800795b302 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-388c46f9-02c4-4a35-99ec-6e13dbc8e59f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b6658fd2-22c4-4284-a5ef-5853c22812c5","keyframes":{"transform":["translate3d(117.82179%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Once approved, you will receive a federal income tax credit up to $7500 depending on the vehicle's battery capacity and size of the car.

[{"selector":"#anim-1517e6d3-56da-4c27-abd8-0d9ac64b56c5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.25331847031666%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-4e7b033e-435c-40fd-b070-d79c27c86084","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-92c41e36-9e40-4d37-9dc2-a4ace1a6b05f","keyframes":{"transform":["translate3d(118.15181%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

This can provide considerable savings for anyone interested in switching to an electric car.

[{"selector":"#anim-c5f01705-3761-41f4-82f4-d63747c9cd80 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.18084006794438%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c76c78da-ae21-436a-874b-27d796b42693","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a88f5963-d1de-471b-86eb-bcf58172d3f4","keyframes":{"transform":["translate3d(117.82179%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]