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  • Electric Vehicle Power Excise Tax - Department Of Revenue

Get Electric Vehicle Power Excise Tax - Department Of Revenue

Department of Taxation and FinanceAlternative Fuels and Electric Vehicle Recharging Property CreditIT637Tax Law Section 606(p)Submit this form with Form IT201, IT203, IT204, or IT205 (see instructions.

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Used Clean Vehicle Purchases The credit is nonrefundable, meaning it won't generate a tax refund if you don't owe any taxes. For years prior to 2023, the new clean vehicle tax credit amount is similar but the rules are different.

Go to MassTaxConnect Make a payment and select your payment type. Follow the instructions and enter the information asked.

This robust tax break, which offers a credit of up to $7,500 with the purchase of a new electric vehicle, was overhauled by 2022's Inflation Reduction Act, and in 2023, the IRS and Treasury Department have been clarifying how and when you can use the credit.

The credit reduces a filer's federal income tax by up to $7500. For instance, if you bought an EV eligible for a $7500 tax credit and your total federal taxes for the year came to $8500, then you would owe just $1000 to the government. EV tax credits are nonrefundable.

As of 2023, people who buy new electric vehicles may be eligible for a tax credit as high as $7,500, and used electric car buyers may qualify for up to $4,000 in tax breaks. The nonrefundable credit can be claimed on tax returns filed in 2024.

Since the start of 2023, you can take advantage of a used clean car tax credit. This credit is available when you buy an eligible used EV or fuel cell vehicle from a licensed dealer for less than $25,000. The credit applies to 30% of the sale price up to a maximum amount of $4,000.

More In Forms and Instructions Use Form 8936 to figure your credit for qualified plug-in electric drive motor vehicles you placed in service during your tax year.

ing to the IRS, you must file Form 8936, “Qualified Plug-in Electric Drive Motor Vehicle Credit (Including Qualified Two-Wheeled Plug-in Electric Vehicles)” with your tax return. The dealership must file Form 15400, “Clean Vehicle Seller Report,” and the credit is deducted from how much you owe on your taxes.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232