If you're considering buying an electric vehicle (EV), the federal tax credit for EVs could save you money. This credit, called the Qualified Plug-In Electric Drive Motor Vehicle Credit, can provide a potential federal income tax credit of up to $7,500.
To be eligible, you must ensure the car you buy qualifies, your income qualifies, and your tax status allows you to benefit from the credit before you purchase a vehicle. Otherwise, you may not get the credit you were expecting.
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