Federal Nissan EV Information
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Unlike its flashy, premium-branded counterparts, the Nissan LEAF quietly offers an all-electric, affordable means of transportation. With its flashy cabin and attractive low price, it definitely is one of the best Electric vehicles (EVs) in the market. However, it offers more than semi-autonomous driving capabilities and driver-assistance features. With Nissan LEAF, you will also be able to enjoy potential tax credits, rebates, and incentives. Read on to find out more.
Federal EV Tax Credits and Rebates
If you purchase an electric vehicle like Nissan LEAF, you can potentially receive Electric vehicle tax credits as a potential incentive. There are a specific number of incentives for each EV manufacturer. As EV technology starts becoming less expensive, there will be a decrease in the amount of incentives. You can get the tax credit at the state as well as the federal level and will vary depending on your electric vehicle’s size and battery capacity. For Nissan LEAF, the potential federal tax credit is $7,500.
Will the tax credits on Electric Vehicles run out?
Yes. As the sales of electric vehicles increase, the government will be phasing out the electric vehicle tax incentive. The theory behind this is that with more sales, the economies of scale will improve and decrease the initial high cost of the addition of new technology. Each manufacturer has a separate expiration date that comes when the automaker has sold 200,000 qualified vehicles. Tesla was the first one to hit the milestone in July 2018. This was followed by GM which became the second automobile company to sell 200,000 EV vehicles in the end quarter of 2018. Nissan has yet to make this distinction.
Fine Print for EV Incentives
One of the rules pertaining to the EV incentives that you should know about is that the federal tax credit is limited to the qualified EV of the hybrid vehicle’s original buyer. Here are some more conditions:
In case you are leasing the EV, the credit will stay with the manufacturer offering the lease as they are the owner of the car. However, in most cases, the tax credit is factored into your lease. So, you will receive some benefits.
The tax credit is not applicable to an EV that has been bought for reselling purposes. The EV must be primarily used in the United States.
To be eligible for the $7,500 credit, the electric vehicle must be manufactured by a qualified manufacturer.
Battery electric and plug-in hybrid vehicles must have battery packs rated for more than 4 kWh of energy storage. They must also be capable of getting charged from an external source.
According to the IRS, the manufacturers don’t have to certify to the agency that their vehicle satisfies the requirements and is qualified for the credit. For vehicles that are not on the list of qualified vehicles provided by the IRS or on the official website of the Department of Energy, you can rely on the manufacturer about the vehicle’s eligibility.
The IRS can reject someone’s claim for the tax credit.
If you want to know more about the Nissan LEAF EV tax credit and how to use it during the tax season, you can talk to the professionals at Nissan of Irvine 7 days a week.
Source: Nissan
Nissan Federal Government Tax Inventive Sheet
Federal Tax Credit FAQ
Unlike its flashy, premium-branded counterparts, the Nissan LEAF quietly offers an all-electric, affordable means of transportation. With its flashy cabin and attractive low price, it definitely is one of the best Electric vehicles (EVs) in the market. However, it offers more than semi-autonomous driving capabilities and driver-assistance features. With Nissan LEAF, you will also be able to enjoy potential tax credits, rebates, and incentives. Read on to find out more.
Federal EV Tax Credits and Rebates
If you purchase an electric vehicle like Nissan LEAF, you can potentially receive Electric vehicle tax credits as a potential incentive. There are a specific number of incentives for each EV manufacturer. As EV technology starts becoming less expensive, there will be a decrease in the amount of incentives. You can get the tax credit at the state as well as the federal level and will vary depending on your electric vehicle’s size and battery capacity. For Nissan LEAF, the potential federal tax credit is $7,500.
Will the tax credits on Electric Vehicles run out?
Yes. As the sales of electric vehicles increase, the government will be phasing out the electric vehicle tax incentive. The theory behind this is that with more sales, the economies of scale will improve and decrease the initial high cost of the addition of new technology. Each manufacturer has a separate expiration date that comes when the automaker has sold 200,000 qualified vehicles. Tesla was the first one to hit the milestone in July 2018. This was followed by GM which became the second automobile company to sell 200,000 EV vehicles in the end quarter of 2018. Nissan has yet to make this distinction.
Fine Print for EV Incentives
One of the rules pertaining to the EV incentives that you should know about is that the federal tax credit is limited to the qualified EV of the hybrid vehicle’s original buyer. Here are some more conditions:
In case you are leasing the EV, the credit will stay with the manufacturer offering the lease as they are the owner of the car. However, in most cases, the tax credit is factored into your lease. So, you will receive some benefits.
The tax credit is not applicable to an EV that has been bought for reselling purposes. The EV must be primarily used in the United States.
To be eligible for the $7,500 credit, the electric vehicle must be manufactured by a qualified manufacturer.
Battery electric and plug-in hybrid vehicles must have battery packs rated for more than 4 kWh of energy storage. They must also be capable of getting charged from an external source.
According to the IRS, the manufacturers don’t have to certify to the agency that their vehicle satisfies the requirements and is qualified for the credit. For vehicles that are not on the list of qualified vehicles provided by the IRS or on the official website of the Department of Energy, you can rely on the manufacturer about the vehicle’s eligibility.
The IRS can reject someone’s claim for the tax credit.
If you want to know more about the Nissan LEAF EV tax credit and how to use it during the tax season, you can talk to the professionals at Nissan of Irvine 7 days a week.
Source: Nissan
What Is The Incentive For An EV Push?
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