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Tax Credits

IRS Confirms GM's EV Tax Phaseout

General Motors has sold more than 200,000 plug-in electrified vehicles, which will trigger a phase-out of a federal tax credit for purchasers of $7,500, the Internal Revenue Service has announced.

GM Begins Losing Federal EV Tax Credit

General Motors reached the threshold of 200,000 plug-in electric vehicles sold in December, which begins a phase-out of the $7,500 federal tax credit over the next 15 months, Reuters reported.

Coalition Forms to Spark EV Tax Credit

The EV Drive Coalition, which formed with a stated goal to reform the federal electric vehicle tax credit, announced its official launch as the U.S. Congress convenes for its lame duck session.

EV Tax Credit Spared by Congress

Congressional negotiators will spare a $7,500 federal tax credit that has supported sales of plug-in electric vehicles, which was put in place in 2008 and 2009 for plug-in and converted plug-in electric vehicles.

House Plan Would Eliminate EV Tax Credit

A $7,500 federal tax credit that has fueled sales of plug-in electric vehicles in recent years could be eliminated if House Republicans can include the proposal in the tax cut bill now under discussion, reports Reuters.