Frequently Asked Questions

• Who is eligible for EV tax credits in Kansas?

  To be eligible for EV tax credits in Kansas, you must meet certain criteria set forth by the Internal Revenue Service (IRS). This includes purchasing or leasing a new plug-in electric vehicle (EV) or fuel cell electric vehicle (FCV) for personal use, with primary usage in the U.S. Additionally, there are modified adjusted gross income (AGI) limits that vary depending on your filing status.

• What are the modified AGI limits for claiming EV tax credits?

  The modified AGI limits for claiming EV tax credits are as follows: $300,000 for married couples filing jointly $225,000 for heads of households $150,000 for other filers

• How is the EV tax credit amount determined?

  The EV tax credit amount is determined based on the vehicle's service initiation date. For vehicles in service before April 18, 2023, the credit amount ranges from $2,500 to $7,500, depending on the battery capacity. For vehicles in service on or after April 18, 2023, additional requirements apply, with potential credit amounts of $3,750 or $7,500.

• What vehicles qualify for EV tax credits?

  Qualified vehicles must meet certain criteria, including: Minimum 7 kWh battery capacity Gross vehicle weight rating (GVWR) under 14,000 lbs Manufactured by a qualified maker Final assembly in North America Compliance with MSRP limits

• How does leasing an EV affect tax credits?

  Leasing an EV offers a unique advantage in accessing tax credits. Unlike purchasing, where eligibility criteria are more stringent, leasing falls under the category of "commercial" vehicles, making leased EVs exempt from certain regulations. This means lessees can still benefit from EV tax credits, regardless of the vehicle's manufacturing location or critical mineral requirements.

• Can I apply the EV tax credit to my lease payments?

  Yes, you can apply the EV tax credit to your lease payments, resulting in immediate reductions in monthly costs. However, it's essential to review lease terms carefully, as lessors may not pass the full value of the credit to lessees. Understanding the terms of your lease agreement will ensure you maximize your savings effectively.

• How do I claim the EV tax credit?

  To claim the EV tax credit, you'll need to complete IRS Form 8936 and include it with your federal tax return. The amount of the credit will then be applied to your tax liability for the year in which the EV was purchased or leased.

• Are there any additional incentives for EV owners in Kansas?

  In addition to federal tax credits, Kansas offers various incentives for EV owners, such as reduced registration fees and exemptions from certain taxes. Be sure to check with state and local authorities for any available incentives or rebates in your area.

• Where can I find more information about EV tax credits and leasing options?

  For more information about EV tax credits, leasing options, and incentives available in Kansas, feel free to contact our knowledgeable team or explore our website for resources and FAQs.