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Tax Update: Maryland Electric Vehicle Tax Credits Are Back!

Tax Update: Maryland Electric Vehicle Tax Credits Are Back!

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Maryland EV Tax Credit

Maryland's Electric vehicle tax credits are back for Qualified plug-in electric vehicle (QREV) and fuel cell electric vehicle (FCEV). The new law will take affect for electric vehicles (EV) purchased on or after July 1, 2023, through June 30, 2027.

Tax Credit Details

The credit will be as follows:
  • $3,000 per electric vehicle,
  • $2,000 for each three-wheeled zero emission motorcycle and
  • $1,000 for each two-wheeled motorcycle.
  • Up to $5,000 per vehicle for zero emission heavy equipment, such as construction or industrial equipment.

These credits are over and above any federal tax credits unless otherwise stated or offset. Additional details to follow.
HB1391


This post first appeared on Growth, Profits, & Wealth Blog By Travis Raml, CPA, please read the originial post: here

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Tax Update: Maryland Electric Vehicle Tax Credits Are Back!

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