Tax Credit for Plug-In Electric Drive Vehicles Acquired on or before Dec. 31, 2009
Q. What does ¡°acquired¡± mean?
A. To qualify, the vehicle must be acquired on or before Dec. 31, 2009, under the laws of the state in which the vehicle was purchased. Generally, under state law, a binding contract to purchase a vehicle by itself does not count as acquiring a vehicle. For a taxpayer to have acquired the vehicle, he or she must have title to it under state law.
Q. Is there a limit to how many times a taxpayer may claim the credit?
A. The credit is available for each qualifying vehicle purchased, regardless of the number. However, since the credit is nonrefundable, it is only available if a taxpayer has a tax liability. Unused credits cannot be carried to previous or future tax years.