If you live in Maryland and you're considering making the switch to an electric vehicle (EV), you can enjoy significant savings through the Maryland EV tax credit. This financial incentive is designed to encourage the adoption of electric cars, helping you save money while contributing to a more sustainable future.
The Maryland EV tax credit is a financial incentive provided by the state to encourage the purchase of EVs. The primary goal is to reduce greenhouse gas emissions and promote cleaner air by making electric cars more affordable for residents.
Eligibility Criteria
- Vehicle must be new and purchased or leased between July 1, 2023, and June 30, 2027
- Battery capacity must be at least 5 kWh for plug-in EVs
- Base purchase price must not exceed $50,000
- Vehicle must be acquired for use or lease, not for resale
- Vehicle must be titled and used in Maryland
Important Details
The credit is currently available without income limits, but potential changes through House Bill 689 could limit eligibility to middle- and lower-income individuals in the future.
You can only apply for the credit once during the program period, but joint owners can each use their credit opportunity for separate vehicles.
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