EV Tax Incentives

How to Qualify for the Federal Clean Vehicle Tax Credit

The first step to qualify for the federal tax incentive is selecting the right vehicle. Ford electric vehicles and plug-in hybrids meet the criteria for final assembly in North America and the MSRP cap so that you can receive as much of the benefit as possible. There are also income requirements, with a limit of $300,000 for married couples filing jointly, $225,000 for heads of household, and $150,000 for individuals.

To claim the Clean Vehicle Credit, you'll need to file an income tax return next tax season with IRS Form 8936. For new EV and PHEV purchases, the non-refundable credit lowers your tax liability, saving you money by reducing your tax liability. To receive instant savings, our Finance Center can apply the $7,500 credit to new Ford EV leases for low monthly payments without needing to file a return or wait until tax season. We recommend consulting with tax preparation specialists for more information about the federal tax credit with a new vehicle purchase.

How to Qualify for the Illinois Electric Vehicle Rebate Program

The Illinois Electric Vehicle Rebate Program will send qualifying buyers a check for $4,000 for new EVs. You'll need to apply for the rebate within 90 days of your new EV purchase during the funding cycle. Funding for the program is limited by cycles and only paid out while funds are available.

Illinois EV Rebate Program Requirements

• Must be an Illinois resident at the time of purchase
• Must purchase an all-electric vehicle from a qualifying dealership like Green Kia
• Must be an individual driver, not a business or other organization
• Must keep the vehicle for 12 consecutive months
• Must apply for the rebate within 90 days of the purchase date