What was the 2013 tax credit for hybrid vehicles?


Quick Answer

A federal income tax credit of up to $7,500 may apply to plug-in hybrid vehicles purchased during or after 2010, according to FuelEconomy.gov. The credit amount varies based on the capacity of the battery that powers the vehicle.

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Full Answer

Plug-in hybrids must meet certain manufacturing and use requirements to qualify for the credit, according to FuelEconomy.gov. Among these are the requirements that the vehicle be new and that the taxpayer acquire it for use or lease by the taxpayer and not for resale. Taxpayers who acquire a vehicle for personal use must fill out Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit, to receive the credit. Taxpayers who acquire a vehicle for business use should fill out Form 3800, General Business Credit.

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