Another manufacturer has sold enough qualified electric vehicles to begin phasing out the tax credit for purchasing the manufacturer’s vehicles. In Notice 2019-22 the IRS announced that the credit for qualified plug-in electric vehicles sold by General Motors would be phased down beginning April 1, 2019.
Before April 1, 2019, the credit for the affected vehicles was $7,500. From April 1, 2019 through September 30, 2019, buyers of the qualifying General Motors vehicles will receive 50% of the otherwise allowable credit ($3,750). For the period from October 1, 2019 through March 31, 2020, buyer will receive 25% of the otherwise allowable credit ($1,875). No credit will be allowed for purchases of vehicles after April 1, 2020.Read More