Yes, you can claim both federal and state EV tax credits for the same vehicle. The federal tax credits for electric vehicles are administered by the IRS, allowing up to $7,500 for new vehicles and $4,000 for used vehicles. Additionally, many states offer their own incentives, which can be in the form of rebates, exemptions from fees, or non-monetary benefits like carpool lane access and free parking. These state incentives are separate from the federal credits, so you can claim both as long as you meet the eligibility criteria for each.
Here are some key points to consider:
- Federal Tax Credit: This is available for qualified new and used electric vehicles, with specific income limits.
- State Tax Credits: These vary by state and can include monetary and non-monetary benefits.
- Eligibility: You must meet the criteria set by both the federal government and your state to claim both credits.
Always check the latest information for your specific state and federal regulations to ensure you meet all requirements.
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