Form 8834 - Qualified Electric Vehicle Credit
Use Form 8834 to figure the credit for qualified electric vehicles placed in service during the tax year.
The credit for each qualified electric vehicle is:
10% of the vehicle's cost by any section 179 deduction, up to a maximum credit of $4,000, for eah qualified electric vehicle placed in service before 2006, and 2.5% of the vehicle's cost reduced by any section 179 deduction, up to a maximum credit of $1000, for each qualified electric vehicle placed in service in 2006. A qualified electric vehicle is any motor vehicle if all of the following apply:
Manufactured primarily for use on public streets, roads, and highways, and has at least four wheels. Powered primarily by an electric motor drawing current from rechargeable batteries, fuel cells, or other portable sources of electrical current. Originally used by you. Acquired for your own use and not for resale.