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Buy EV By Mar For Max $7,500 Tax Credit.
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If you buy an electric vehicle by March, you'll have a better chance of getting the maximum $7,500 tax credit

1. Tax Credit - The federal government offers a tax credit of up to $7,500 when you purchase an electric vehicle by March.

2. Benefits - This tax credit can help make electric vehicles cost-competitive with traditional gas-powered cars.

3. Savings - Depending on your tax rate, the credit could save you thousands of dollars on the purchase price of your car.

4. Timing Matters - Be sure to buy before March in order to maximize your savings and take advantage of this great benefit!

5. Tax Forms - When filing taxes for the year you purchased the vehicle, fill out Form 8936 and attach it to Form 1040 in order to claim the credit.

6. Other Requirements - The car must have four or more wheels and be used primarily for transportation on public roads in order to qualify for the tax credit .

7 Qualified Vehicles - Many popular brands now offer qualified electric vehicles including Chevrolet, Ford, BMW, Nissan and Hyundai .

8 Battery Capacity - In addition, there are size requirements; an EV must have at least five kilowatt hours (kWh) battery capacity

9 Plug-in Hybrids - The same applies for plug-in hybrids; they must have at least 4 kWh battery capacity .

10 Leasing Options – If you choose to lease an electric vehicle rather than buy one outright, some states may offer additional incentives or discounts that reduce your costs even further .