Do You Qualify For The $7,500 EV Federal Tax Credit

We have some good news for Ford EV drivers! When you purchase or lease a Ford electric vehicle, you may be eligible for up to a $7,500 federal tax credit with possible additional state incentives. That’s some serious bang for your buck. Ford EVs, like the F-150 Lightning or Mustang Mach-E, are already affordable, and this tax credit puts even more money back in your pocket. Learn more about the great savings of Ford EVs now at Smith Lowell Ford!

Federal Electric Vehicle Tax Credit

According to the U.S. Department of Energy, all-electric and plug-in hybrid cars purchased in or after 2010 may be eligible for the federal tax credit. Note that the credit amount varies based on the vehicle’s battery capacity. Internal Revenue Code Section 30D provides an income tax credit of $7,500 for the purchase or lease of electric vehicles, like the Ford F-150 Lightning or Mustang Mach-E.

How to Claim Your Ford Electric Vehicle Tax Credit

To claim your federal tax credit, simply go to this page on the U.S. Department of Energy’s website. Once on the page select “Ford” in the Manufacturer dropdown menu and find your Chevy electric or plug-in model. If your specific Chevrolet model meets the requirements, you can fill out Form 8936: Qualified Plug-in Electric Drive Motor Vehicle Credit.

Eligibility Certification Requirements 

There are several requirements your vehicle must meet for it to qualify, including: 

• The vehicle must be made by a manufacturer (i.e., it doesn’t include conventional vehicles converted to electric drive).
• It must be treated as a motor vehicle for purposes of title II of the Clean Air Act.
• It must have a gross vehicle weight rating of not more than 14,000 lbs.
• It must be propelled to a significant extent by an electric motor which draws electricity from a battery which has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity.
• The original use of the vehicle commences with the taxpayer—it must be a new vehicle.

• The vehicle is acquired for use or lease by the taxpayer, and not for resale. (The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.)
• The vehicle is used mostly in the United States.
• The vehicle must be placed in service by the taxpayer during or after the 2010 calendar year.

Visit Smith Ford!

Looking for a Ford dealer near me? At Smith Lowell Ford,  we’ve got you covered. Check out our Ford Dealership Hours: we’re open from 9 AM to 7 PM Monday through Thursday, 9 AM to 6 PM on Friday, and 9 AM through 4 PM on Saturday (closed on Sundays). Our mission is to earn our customer’s loyalty by delivering sales and service experiences with high quality, excellent value, integrity, and enthusiasm. We offer the largest and most complete selection of new and used Ford cars, trucks, and SUVs in the area. We don’t have the Ford EV you want in stock? Place a custom order! Do business with us, and you will not only get the best pricing, but the reassurance that you are purchasing from an establishment founded on respect, integrity, teamwork, honesty, and trust. Visit us to claim your $7,500 EV credit today!