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EV and PHEV Federal Tax Credit

EV and PHEV Federal Tax Credit

What is It?

  • Federal tax credit is offered for EV or PHEV acquisition
  • Federal tax credit is separate from state or other rebates, such as the California Clean Vehicle Program (CVRP) $1,500 PHEV rebate or $2,500 EV rebate (visit https://cleanvehiclerebate.org/eng for more information on CVRP)

How Much Is The Federal Tax Credit?

Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks.

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 battery capacity in excess of 5 kilowatt hours. The total amount of the credit allowed for a vehicle is limited to $7,500.

2018 Outlander PHEV $5,836

How It Works

If vehicle is leased:

  • If the vehicle is leased through Mitsubishi Motor Credit, tax credit is automatically rolled into the customer's monthly payment
  • Monthly lease payment reflects the tax credit
  • No further work needed by customer or dealer
  • If the vehicle is not leased through Mitsubishi Motor, dealer should contact its respective financial institution about how this tax credit is processed

If vehicle is purchased:

  • Customer must directly apply for the tax credit from the IRS
  • IRS form 8936 is below

Download The Form

Dealer Information
Longwood Mitsubishi 615 N US Highway 17 92 Longwood, FL 32750 Get Directions
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