If you are considering making the transition to an electric vehicle, you should know the benefits of purchasing and owning an EV. EVs save you money on fuel and insurance costs, but there are also rebates and tax incentives available for EV owners. In fact, Missouri is offering tax credits to EV owners because of the environmental benefits of driving an EV.
About Missouri’s Green Driving Tax Credits
Here are a couple of tax incentives to remember. Missouri residents who own an electric vehicle are exempt from Missouri’s motor fuel tax. The EV must be adorned with the Alternative Fuel Vehicle (AFV) decal. Also, Missourians who drive an electric vehicle are exempt from the state’s vehicle emission inspection standards. For more information about these incentives, go to dmv.org’s website at http://www.dmv.org/mo-missouri/green-driver-state-incentives.php.
Those who reside in Missouri and own an electric vehicle will receive an income tax credit equal to the expense of installing what is referred to as a “qualified alternative fuel space”. This credit awards green drivers with a tax break up to, but not in excess of, $1,500 per residential applicant. There are also incentives for installing commercial refueling stations. Learn more at http://www.ncsl.org/research/energy/state-electric-vehicle-incentives-state-chart.aspx. You may also contact your local DMV office for more information.
It is also worth noting that those who transition to an electric vehicle will likely be eligible for considerable auto insurance savings. Reach out to your auto insurance company for details on these savings. Such savings range from insurance cost cuts for low mileage, economy car, alternative fuel vehicle and hybrid discounts. Add in the fact that there are a number of federal tax credits available for those who drive an electric vehicle and it is easy to see why so many are trading in their gas-powered vehicles for environmentally friendly electric cars.
For more information on electric vehicles, visit www.evolvewithliberty.com.