One of the best things about purchasing an electric vehicle is the number of tax credits that come with the car—a pretty decent perk, when you consider the price tag on some of these vehicles. But if you’ve been on the fence about buying an EV and are waiting for the right moment to make up your mind, you might want to act fast!
December 31 is officially the last day in which you can install an electric vehicle charging station in your home and be able to deduct some of the costs from your taxes. Other expiring tax credits include the cost of converting an existing vehicle from gasoline to plug-in powertrain and the credit on the cost of purchasing a two- or three-wheeled EV (such as the electric bicycles and mopeds coming in from China).
Despite these expiring deals, however, the electric car purchase Federal income tax credit remains safe for the near future—but it’s never too soon to take advantage!