Today is December first, leaving just this last month of the year for you to buy a plug-in vehicle and give yourself the gift of the $7,500 income tax credit, when you file your return early next year. To see which vehicles qualify, (and for how much) check this.
You must purchase (not lease) a new (previously untitled) plug-in vehicle to get the tax credit.
By the way: Notice I said income tax credit, not tax deduction. The difference is that a tax deduction only nets you the income tax on the amount you deduct. For instance, if you are in a 25% tax bracket, a $7,500 deduction would get you $1,875 back from the government. A tax credit however, gets you the entire $7,500 back! Certain rules apply, such as: You can only get back tax you would have paid. If you are retired and only pay $3,000 in income tax for the entire year, that $3,000 is all you would get back. For more detail on this, check my earlier post.
