IRA Benefits: Electric vehicle drivers can save even more on EVs through the Inflation Reduction Act. EV drivers are now eligible for a federal tax credit of up to $7,500 tax credit instantly when you buy or lease a new EV, and qualified used EVs may be eligible for up to $4,000 instantly. Taxpayers are also eligible for a credit of 30% of the hardware and installation costs for EV chargers installed at their homes, up to a maximum of $1,000.
MOR-EV Standard: The Massachusetts Offers Rebates for Electric Vehicles (MOR-EV) program provides rebates of up to $3,500 for the purchase or lease of new battery electric vehicles and fuel-cell electric vehicles. Income-qualified residents may be eligible for a $3,500 rebate on the purchase of pre-owned electric vehicles. Drivers may also be eligible for a $1,000 trade-in adder. As of February 16, 2021, light, medium, and heavy-duty EV trucks have been added to the MOR-EV Program.
MOR-EV+: MOR-EV+ is an additional $1,500 rebate available on top of the standard $3,500 rebate. This is available to Massachusetts residents participating in select income-qualifying programs.
Fuel Economy: Electric and plug-in hybrid electric cars purchased after 2010 may be eligible for a federal tax credit of up to $7,500. The credit amount varies by model, so visit the link above to check a specific EV model’s eligibility.