The spending bill that got approved by Congress this week doesn’t offer any tax breaks for people interested in buying electric vehicles. But it does have some retroactive tax credits you can snag if you already have one of these newfangled contraptions.
Here are your options:
- You can get a 30% rebate for the costs of installing an EV charging station (up to $1,000).
- You can get 10% credit on electric vehicles that have two or three wheels (up to $2,500).
- You can get a $4,000 credit for the purchase of a new fuel-cell electric vehicle.
The retroactive extension covers 2017 through 2019. Additionally, the fuel-cell vehicle credit is applicable through the end of 2020.
It’s no consolation prize if you were considering splurging on an electric vehicle in 2020. While some members of Congress pushed to expand tax credits for electric vehicles, including a $7,500 credit for consumers buying a new vehicle, the White House warned that trying to do so would put the entire spending bill in peril.
If the retroactive extension sounds familiar, it’s because this isn’t the first time Congress has thrown together a perk like this. In February 2018, the same tax credits listed above were extended for eligible purchases made in 2017.
Electric vehicle news website Electrek reports that if you want to take advantage of any of these extended credits, you’ll have to file amended returns for the applicable year.
Luckily, it’s not difficult to file an amended return. You’ll need a copy of the tax return you want to amend for reference, but the hardest part is probably having to find a stamp to mail the form to the IRS.
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