Showing posts with label Tax Credit. Show all posts
Showing posts with label Tax Credit. Show all posts

How Long Does The Chrysler Pacifica Hybrid $7500 Tax Credit Last?

Each vehicle manufacturer is allowed to sell up to 200,000 qualifying plug-in electric vehicles (battery-electric cars and plug-in hybrids) before the EV tax credit on their products begins to phase out.

How the electric car tax credit phase-out works is a bit complicated. It happens over a one-year period starting at the beginning of the second calendar quarter after the manufacturer hits the 200,000-unit threshold. At that time, the tax credit available to buyers drops to 50 percent of the original incentive of $7500 available on the Pacifica Hybrid and continues at that level for the next two quarters. In the third and fourth quarter of the phase-out period, the tax credit drops to 25 percent of the original amount.
After the phase-out period, no battery-electric vehicle or plug-in hybrid manufactured by the automaker is eligible for the tax credit.
 You cannot claim the tax credit until you take delivery of the new vehicle. Deposits and prepayments do not count.
According to Inside EVs, Chrysler sold 5349 Hybrids in 2017 and have sold 5454 through October of this year. These numbers are estimates and are based on State/Rebate Data and other reports.

Your State's Pacifica Hybrid Tax Credit May Be Depleted

Just a heads up for everyone. As of November 19th, In Maryland, the $3 million funding authorized by the legislation for the  Plug-In Electric Vehicle Excise Tax Credit for Fiscal year 2019 has been

According to the State of Maryland, existing applications will be processed in the order they were received. Once the funds are exhausted, no additional refunds will be issued until after July 1, 2019 (fiscal year 2020) when additional funds become available.

If your state as a program like this in place, you may want to check the status of it.