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Is tax credit available for hybrid and electric vehicles in Wisconsin?
By Product Expert | Posted in Community, Tips and Info on Monday, June 22nd, 2020 at 5:04 pm
Wisconsin Hybrid and Electric Tax Credit/Fees
Getting a hybrid or electric vehicle is generally seen as a responsible move in that it takes a bit of pollutive strain off the natural environment. Going electric can also be good for one’s wallet; over the years, various tax credits and other incentives have been provided to encourage the adoption of environmentally-friendly transportation. Is tax credit currently available for hybrid vehicles in Wisconsin?
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Wisconsin does not offer any tax credit for electric or hybrid vehicles. In fact, the state has a vehicle surcharge fee for these rides. Drivers of hybrid and electric vehicles in Wisconsin must pay an additional fee each year when they renew their license plates and registration. Many states throughout the Midwest have similar fees in place.
How much are the electric and hybrid vehicle surcharge fees in Wisconsin?
On September 21, 2017, a $100 annual surcharge for electric vehicles was put into place. Then, under the 2019 – 2021 biennial budget, a $75 annual surcharge for hybrid electric vehicles was implemented.
Why is there a surcharge on hybrid and electric vehicles in Wisconsin?
The surcharge is intended to make up for the fact that hybrid and electric drivers aren’t paying as much in taxes throughout the year because they’re not buying as much fuel.
What is the money obtained from the hybrid and electric surcharge fees in Wisconsin used for?
The money obtained from the surcharges on hybrid and electric vehicles goes toward maintaining Wisconsin’s infrastructure and services.
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Is federal tax credit available for hybrid and electric vehicles?
Federal electric vehicle tax credit is available for those who buy plug-in electric vehicles, or EVs, in the U.S. Buyers can receive up to $7,500 for each electric vehicle purchased on or after January 1, 2010. The IRS provides federal tax credit ranging from $2,500 to $7,500 for the purchase of new electric vehicles on or after January 1, 2019.
This federal tax credit is available for both all-electric vehicles and for plug-in hybrid electric vehicles (PHEVs). To qualify, the vehicle must be brand new and mainly driven in the United States.
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How long will federal tax incentives be available for hybrid and electric vehicles?
The EV/PHEV tax credit offer will last until each participating manufacturer has sold 200,000 EVs in the U.S.
