Chicago Electric Car Tax Credit

The illinois secretary of state vehicle services department offers specific vehicle registration fees to residents who drive an electric vehicle ev.

Chicago electric car tax credit.

The credit amount will vary based on the capacity of the battery used to power the vehicle. Welcome to the city of chicago s one stop shop for information on plug in electric vehicles. The honda clarity fuel cell does not qualify for the rebate. You must have purchased the vehicle in 2012 or 2013 and begun using it in the year in which you claim the credit.

Let s say you buy a hyundai kona ev or. With only one niche vehicle in a tiny model lineup it could be decades before mitsubishi approaches the. What are plug in electric vehicles. Illinois vehicle registration fees for electric cars is 251 per registration year.

Take note that this tax credit will phase out. Was the quirky 2012 mitsubishi i miev it s long gone now leaving the 2020 mitsubishi outlander phev as the only plug in car in the company s lineup. These batteries are recharged when connected to the electric grid meaning you can charge. Size and battery capacity are the primary influencing factors.

The qualified plug in electric drive motor vehicle tax credit is the main federal incentive program for electric cars available in the united states. Internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks. Nearly every type of electric car qualifies for this tax credit. All electric and plug in hybrid cars purchased new in or after 2010 may be eligible for a federal income tax credit of up to 7 500.

Registration fees for il electric vehicles. Learn more on this and how to obtain ev license plates below. For vehicles acquired after december 31 2009 the credit is equal to 2 500 plus for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity 417 plus an additional 417 for each kilowatt hour of. Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7 500.

The credit is 10 of the purchase price of the vehicle with a maximum credit of 2 500. Plug in electric drive vehicle credit irc 30d. Once they sell 200 000. One of the first electric vehicles sold in the u s.

Plug in electric vehicles pevs are motor vehicles that are powered either entirely or partially by rechargeable batteries. The primary federal tax credit you should be looking at is the qualified plug in electric drive motor vehicle tax credit. Federal incentives for electric vehicles. Under this program the purchase of a new electric vehicle is eligibe for a tax credit worth 7 500 as long as it meets the following criteria.

How does an electric vehicle tax credit work. Each manufacturer has a separate tax credit. It s worth 7 500 in tax deductions.