As gas prices continue to rise, there are more and more incentives to make the change to an electric vehicle. Lucky for you, you can get a Subaru EV tax credit for many of our models.
Read through to learn more about what this means, and how Heritage Subaru Catonsville will help you along the way.
What Is the Subaru EV Tax Credit?
If you buy a plug-in hybrid or electric vehicle purchased new after 2010, you are able to receive a tax credit of up to $7,500. This tax credit exists as an incentive to use more fuel-efficient vehicles that are better for the environment than their gas-guzzling counterparts. Depending on where you live, there are state and local incentives you can reap as well.
The tax credit amount varies based on the battery capacity. There are two Subaru vehicles that qualify for the tax credit: The Subaru Crosstrek Hybrid and the Subaru Soltera. The Subaru Crosstrek gets about a $4,500 tax credit while the Subaru Soltera gets the full $7,500 tax credit at the time that this blog is published.
How Does a Tax Credit Work?
When tax season comes, make sure you list your Subaru Soltera or Subaru Crosstrek if it is applicable. Depending on what you may owe for income taxes, the tax credit you receive will lower what you owe, and may affect what you get back. For example, if you owe the IRS $2,000 due to your income tax, but you have a $2,000 tax credit, then you don’t owe them anything.
Make sure you speak with a tax professional so that you are reaping the full benefit of your Subaru tax credit. Then, swing by Heritage Subaru Catonsville to learn more about our EVs and hybrids.
