Electric Vehicles Tax Credits
Qualify For Tax Rebates On Your Electric/Hybrid Model!
Did you know that there are plenty of ways to save on an electric vehicle when you shop with Koons of Silver Spring? It's true! Thanks to a combination of federal EV tax credits and our exclusive new Ford specials, you can take advantage of various cost-saving opportunities.
Speak with the auto financing specialists at our Koons Ford of Silver Spring and we'll walk you through everything from EV tax credit qualifications to showing you which vehicles qualify for a federal tax incentive. Don't wait to get the keys to an eco-friendly vehicle that you will love!
How Do I Get My Electric Vehicle Tax Credit?
Once your eligibility is confirmed, you will receive the tax credit with your refund.1 In order to claim up to $7,500 in federal tax credits, it must be for the year in which you bought your new EV or plug-in hybrid. You will also need to provide the vehicle's VIN.
Who Qualifies for the Federal EV Tax Credit?
The credit is available to both individuals and their businesses, but there are specific requirements for qualifying, which include:
- You must buy the vehicle for your own use, not for resale
- It must be used primarily in the U.S.
- Your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
Which Ford Electric Vehicles Are Eligible for Tax Credits?
Not every electric vehicle will qualify for the federal EV tax credit, but there are Ford models that do. The Ford EVs that qualify for federal tax incentives include:
However, all models mentioned above must meet the applicable MSRP limit in order to qualify.
How Do Vehicles Qualify for the Federal EV Tax Credit?
There are stringent qualifications a vehicle must meet in order to qualify for the federal EV tax credit. They include:
- Have a battery capacity of at least 7-kilowatt hours
- Have a gross vehicle weight rating of less than 14,000 pounds
- Be made by a qualified manufacturer. See our
- Undergo final assembly in North America
Contact Koons of Silver Spring to learn more about eligibility requirements for federal EV tax credits. Our experts know the process well and can help you navigate through it, so you have the opportunity to save on an eco-friendly luxury car you love!
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