COVID-19 makes favorable changes to “qualified improvement property” – 100% bonus now or retroactive!

April 20, 2020/in Tax Tips - Business, Tax Tips - Individual/by Amanda Rogers

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break.

The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles and light trucks. The credit is equal to $2,500 plus an additional amount, based on battery capacity, that can’t exceed $5,000.