Plug-In Electric GM Cars Eligible For Limited Time Tax Credit
If you are looking to buy an electric plug-in car from GM just know that you time is running out on getting a tax credit related to that. First, according to WLNS and the IRS, GM has sold more than 200k plug-in electric cars during the last quarter of 2018 and this is important as these cars will be one of the last that will get the tax credit.
This is because of the success in sales during the fourth quarter of 2018, which will result in a phase out of the tax credit available for people buying GM plug-in electric vehicles beginning on April 1st, 2019. So if you buy a plug-in electric car from GM before the end of the month, and if the car is an eligible car, then you will receive a $7,500 credit. After that the credit will begin to shrink as if you buy a car before Oct 1st 2019, then you only get a credit of $1,875. Finally by March 31st, 2020, the credit will be gone.
If you are wondering why the credit going away its because by law, five quarters after reaching the 200,000 sales threshold, the credit ends for the manufacturer. So since GM hit it, they can start the phase out, so if you are looking to buy a plug-in electric car look around and do research or buy by the end of the week to get the larger credit. More on it here.