Can I get a tax credit if I convert my car to a plug in hybrid?

2

Answers


  1. 0 Votes

    The laws vary from state to state. A Colorado bill, for instance, offers a new plug-in conversion credit of 10% of the cost of converting any motor vehicle (new or used) to a qualified plug-in electric drive motor vehicle. The maximum credit is $4,000 per vehicle. However, the cost of a vehicle conversion is quite expensive, and many feel that it’s not worth spending over $10,000 just to receive a $1,200 credit, for example.

  2. 0 Votes

    According to the American Recovery and Reinvestment Act (IRS.gov):
    New plug-in conversion credit. A new plug-in conversion credit of 10% of the cost of converting any motor vehicle (new or used) to a qualified plug-in electric drive motor vehicle. The maximum credit is $4,000 per vehicle. This credit is claimed on Form 8910, Alternative Motor Vehicle Credit, and applies to property placed in service after February 17, 2009.

    Colorado’s state legislature adds to the incentive with additional tax credits up to $6,000 for the purchase of, or conversion to, a plug-in hybrid electric vehicle.

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