Electric Vehicle Tax Credits: Extended and Easier to Access
This bill extends tax credits for electric vehicle purchases until the end of 2031. It also allows the credit to be transferred directly to the dealer or financing entity, meaning citizens can benefit from a lower vehicle price immediately instead of waiting for a tax refund. Unused credits can be carried forward to future years.
Key points
The tax credit for new electric vehicle purchases will be available until December 31, 2031.
You can immediately reduce the purchase price of an electric vehicle by assigning the credit to the financing entity or dealer.
Any unused portion of the tax credit can be carried forward for up to 5 years.
Credits for alternative fuel vehicle refueling property and alternative motor vehicles are also extended until 2031.
Expired
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