Open Today Sales: 9 AM-7 PMOpen Today Service: 7:30 AM-5 PM
Understanding the current federal, Vermont, New Hampshire, and Massachusetts EV tax credit laws is crucial when buying or leasing an electric vehicle in our corner of the United States. Qualified vehicles may be eligible for up to $7,500 in federal tax credit and other available state credits and rebates.
You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV).
Massachusetts strives to make electric vehicles more affordable through its MA EV tax credit program, MOR-EV. This program aims to provide more equitable access to the available Massachusetts electric vehicle tax credit.
To qualify for the current Mass EV rebate, you can purchase or lease new models of eligible light, medium, and heavy-duty battery electric vehicles (BEVs) or FCEVs.
To assure greater participation in the EV transition, MOR-EV now includes the following program elements:
If you’re looking to reduce taxes with the used EV tax credit, 2025 is a great year to make that happen. Income-qualifying applicants can get prequalified and receive a voucher to use at a participating dealership and apply the MOR-EV Used rebate at the time of purchase or lease of an eligible used vehicle. Learn more about current Massachusetts EV incentives for used car purchases and leases from the Genesis of Northampton finance team.
Some leased vehicles may qualify for certain tax credit programs – for example, many vehicles are eligible for the Massachusetts EV tax credit with a 36-month lease under MOR-EV.
You may also be able to take advantage of tax incentives through an EV leasing tax loophole. In some cases, vehicles that wouldn’t qualify for rebates when purchased may qualify when leased because they’re considered commercial vehicles – however, the tax credit goes to the lessor (the dealership), not the lessee (the customer). You’ll only benefit if the dealer is willing to pass their tax savings on to you with a reduced leasing price or a rebate.
MOR-EV is a Massachusetts program that issues rebates of up to $3,500 -$6,000 to EV drivers for the purchase or lease of fuel-cell and battery electric vehicles. The MOR-EV program includes purchases or leases of eligible BEV and FCEV vehicles, eligible new light, medium, and heavyweight trucks, and eligible used car purchases.
The Drive Electric Vermont program offers a variety of incentives for eligible electric vehicles, bikes, motorcycles, lawn equipment, and more. Current Drive Electric Vermont incentives offer up to $5,000 for eligible purchases of electric vehicles and an additional $5,000 through the Replace Your Ride program.
The New Hampshire Electric Co-op offers rebates of up to $600 per property when installing new electric vehicle charging stations.
Starting MSRP: $74,375
EPA Estimated Range for 2024 Genesis Electrified G80
282 Miles
0-60MPH Time
4.1 Seconds
Pure Power
365 Horsepower
Genesis electric motors smoothly deliver instant torque providing powerful and instant acceleration.
Charge at home, work, or one of the growing number of charging stations, but you don’t need to fill up ever again.
Over time, electric vehicle models typically cost less to maintain and drive compared to gas‑powered. No need to spend money on gas and routine oil changes adds up over the life of the vehicle.
Battery Electric (BEV) vehicles have zero tailpipe emissions.
When you drive a Genesis electric vehicle, you benefit from a quiet, smoother ride.
Electric vehicles don’t require the same maintenance as gas‑powered models, there will be zero oil changes in your future, and no need to worry about things like transmission fluid maintenance.
After you purchase one of the Genesis models that qualify for EV tax credit, you can submit IRS Form 8936 to determine and claim your credit of up to $7,500.
The qualified plug-in electric drive motor vehicle credit is a nonrefundable federal tax credit of up to $7,500. You cannot receive more money in credit than you owe in taxes or apply excess credit to future tax years. Consult a tax professional to see how the tax credit applies to your financial situation. A dealership can also help you determine whether your vehicle qualifies.
We have listed a few of the state-level available credits above, like the Massachusetts EV rebate, to help provide tax credit and rebate guidance for your specific location. To leverage every available federal and state tax offer for your purchase or lease, you can check here to learn more about current EV state laws and incentives.
All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500. The availability of the credit will depend on several factors, including the vehicle’s MSRP, its final assembly location, battery component and/or critical minerals sourcing, and your modified adjusted gross income (AGI).
Disclaimer: The information on this page should not be viewed as an official or legally binding document. Other requirements or exceptions may apply. For more detailed information, please consult an IRS tax representative and/or official IRS publications.