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January 24, 2019

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Plug-in electric vehicle manufacturer crosses 200,000 sold threshold; tax credit for eligible consumers begins phase down on April 1

March 28, 2019

 

 

The IRS has now announced that General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018.

 

This triggers a phase out of the tax credit available for purchasers of new General Motors plug-in electric vehicles beginning April 1, 2019. 

 

 

 

Qualifying vehicles by the manufacturer are eligible for a $7,500 credit if acquired before April 1, 2019. 

 

Beginning April 1, 2019, the credit will be $3,750 for General Motors’ eligible vehicles. On October 1, 2019, the credit will be reduced to $1,875 for the next two quarters.