Federal Tax

New Vehicle Added to Qualified Plug-In Electric Credit

The IRS has added the 2021 Bentley Motors Bentayga Hybrid SUV to its list of qualified plug-in electric drive motor vehicles. The tax code provides a credit to purchasers of qualified plug-in electric drive passenger vehicles and light trucks. For qualifying vehicles acquired after Dec. 31, 2009, the credit is $2,500, plus an additional amount based on battery capacity that can’t exceed $5,000. Therefore, the maximum credit amount is $7,500. This credit phases out over six quarters beginning when a manufacturer has sold at least 200,000 qualifying vehicles for use in the U.S. (determined cumulatively for sales after Dec. 31, 2009). Click here for a list of qualifying vehicles. For questions, reach out to the Cg Team. © 2021