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The federal tax credit for new plug-in electric vehicles is worth $2,500 plus $417 for each kilowatt-hour of battery capacity over 5 kWh, and the portion of the credit determined by battery capacity cannot exceed $5,000. Therefore, the total amount of the credit allowed for a new PEV is $7,500.
The credit is deducted from your income taxes, reducing the amount of income taxes you are responsible for paying, not a credit that comes off the price of the car at the time of purchase. For example if you owed $10,000 in income tax, and your tax credit for your hybrid vehicle is $3,000 your tax responsibility would be $7,000. Promotes Sales and Innovation of HEVs The tax incentive benefits not just the individual taxpayerâs wallet, but also increases consumer demand for cleaner burning and more fuel efficient technologies in the automotive industry.