IRS Update: More Electric Vehicles Eligible for Tax Credit

If you’re an avid reader of “Profit Statements” (we hope you are!), you noticed our previous post discussed individual tax credits available for certain plug-in electric vehicles and eligibility requirements.If the car you’re considering didn’t make the list, don’t turn around for home yet; the IRS added more eligible vehicles this week.Compiled by Tax Publisher Thomson Reuters, the following list reflects the credit amounts for newly qualified vehicles (model years in parentheses) manufactured by well-known companies, based on the latest data provided by IRS:

• Audi A3 e-tron (2016): $4,502
• BMW i3 Sedan with Ranger Extender (2014-2016): $7,500
• BMW i3 Sedan (2014-2016): $7,500
• BMW i8 (2014-2016): $3,793
• BMW X5 40e (2016): $4,668
• BMW 330e (2016): $4,001
• Chrysler Group, Fiat 500e (2013-2015): $7,500
• FCA North American Holdings, Fiat 500e (2016): $7,500
• Ford Focus Electric (2012-2016): $7,500
• Ford C-MAX Energi (2013-2016): $4,007
• Ford Fusion Energi (2013-2017): $4,007
• General Motors Cadillac ELR (2014, 2016): $7,500
• General Motors Chevrolet Volt (2011-2017): $7,500
• General Motors Chevrolet Spark EV (2014-2016): $7,500
• Hyundai Sonata Plug-in Hybrid Electric Vehicle (2016): $4,919
• Kia Soul Electric (2016): $7,500
• Mercedes-Benz smart Coupe/Cabrio EV (2013-2016): $7,500
• Mercedes-Benz B-Class EV (2014-2016): $7,500
• Mercedes S550e PHEV (2015-2016): $4,042.90
• Mitsubishi i-MiEV [Electric Vehicle] (2012, 2014, 2016): $7,500
• Nissan Leaf (2011-2016): $7,500
• Porsche 918 Spyder (2015): $3,667
• Porsche Panamera S E Hybrid (2014-2015): $4,751.80
• Porsche Cayenne S E-Hybrid (2015): $5,335.60
• Tesla Roadster (2008-2011): $7,500
• Tesla Model S Vehicle (2012-2016): $7,500
• Toyota Prius Plug-in Electric Drive Vehicle (2012-2015): $2,500
• Toyota RAV4 EV (2012-2014): $7,500
• Volkswagen e-Golf (2015-2016): $7,500
• Volvo XC-90 T8 Twin Engine Plug in Hybrid (2016): $4,585

Restrictions exist for these vehicles to receive the credit, so refer to last week’s blog again to review the requirements. Our trusted CPAs recommend always checking with the manufacturer to ensure the automobile qualifies for the full credit.Finding the vehicle right for you requires a lot of time and research, so don’t allow your taxes to drive you crazy, too. Contact our tax accountant team at Patrick & Robinson CPAs—which has helped the First Coast cruise through tax season for more than 34 years— for assistance with your filing needs: Office@CPAsite.com or (904) 396-5400.