Federal Tax

Plug-In Vehicles Available for Tax Break

New plug-in vehicles are now available for a tax break. The IRS has added models to its list of vehicles that are eligible for the plug-in electric motor vehicle tax credit. The tax code provides a credit to buyers of certain electric passenger vehicles and light trucks. The maximum credit allowed for a qualifying vehicle is $7,500. The IRS has added these vehicles: the 2021 Audi e-tron Sportback ($7,500); the 2021 Audi A7 55 TFSI e Quattro ($6,712); the 2021 Audi A8 L 60 TFSI e Quattro ($6,712); the 2021 Audi Q5 55 TFSI e Quattro ($6,712); the Ford 2021 Mustang Mach-Es ($7,500); the Lincoln 2021 Corsair Reserve Grand Touring PHEV ($6,843); and the Mitsubishi 2021 Outlander PHEV ($6,587). Contact Cg Tax, Audit & Advisory for more information. © 2021