2020 – 09/29 New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser of a qualified plug-in electric drive motor vehicle, including passenger vehicles and light trucks. For qualifying vehicles acquired after Dec. 31, 2009, the credit is equal to $2,500 plus an additional amount, based on battery capacity, that cannot exceed $5,000. For more information about the credit and a list of qualifying vehicles, visit:
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- Business | QuickBooks | Technology | Xero
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