Do Hyundai EVs Qualify for Tax Credits?
If you’re searching for a Hyundai EV model, Mike Miller Hyundai is the dealership you can trust. We ensure the vehicles of the future are available to all drivers, which is why we’re sharing a closer look at everything you need to know about owning an EV, including how electric vehicle tax credits work.
Federal EV Tax Credits
When EV models and hybrids were first introduced, nearly every vehicle qualified for a tax credit of up to $7,500 from the federal government. Today, there are more EV and hybrid models than ever, including exciting Hyundai EVs, but that means some adjustments have been made to the EV credit program. Notably, only vehicles assembled in North America are eligible, which means Hyundai models no longer fall under the federal credit program.
Illinois EV Tax Credits
While your favorite Hyundai EV might not qualify for a federal credit, it might be eligible under state law. You’ll find the Illinois Electric Vehicle Rebate program for new and used electric vehicles purchased from an Illinois-licensed dealer. You’ll see up to $1,500 rebates for all-electric motorcycles and up to $4,000 for all-electric vehicles that aren’t motorcycles.
Leasing and EV Tax Credits
Another way to qualify for EV tax credits is to lease. Vehicles must be assembled in North America to qualify for EV credits if they are for personal use rather than for commercial use.
That’s where leasing comes in since the government is trying to make it more enticing for fleet vehicles to electrify. Lessors receive up to $7,500 per leased electric vehicle; many will pass those savings on to the consumer.
Find Your Hyundai EV at Mike Miller Hyundai
You can learn more about the Hyundai EV purchasing process here at Mike Miller Hyundai. Visit our dealership to pick the perfect Hyundai EV model for your needs today.
Federal EV Tax Credits
When EV models and hybrids were first introduced, nearly every vehicle qualified for a tax credit of up to $7,500 from the federal government. Today, there are more EV and hybrid models than ever, including exciting Hyundai EVs, but that means some adjustments have been made to the EV credit program. Notably, only vehicles assembled in North America are eligible, which means Hyundai models no longer fall under the federal credit program.
Illinois EV Tax Credits
While your favorite Hyundai EV might not qualify for a federal credit, it might be eligible under state law. You’ll find the Illinois Electric Vehicle Rebate program for new and used electric vehicles purchased from an Illinois-licensed dealer. You’ll see up to $1,500 rebates for all-electric motorcycles and up to $4,000 for all-electric vehicles that aren’t motorcycles.
Leasing and EV Tax Credits
Another way to qualify for EV tax credits is to lease. Vehicles must be assembled in North America to qualify for EV credits if they are for personal use rather than for commercial use.
That’s where leasing comes in since the government is trying to make it more enticing for fleet vehicles to electrify. Lessors receive up to $7,500 per leased electric vehicle; many will pass those savings on to the consumer.
Find Your Hyundai EV at Mike Miller Hyundai
You can learn more about the Hyundai EV purchasing process here at Mike Miller Hyundai. Visit our dealership to pick the perfect Hyundai EV model for your needs today.
