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Tax Credit

A direct reduction in the amount of income tax owed to the government, often used as an incentive for certain behaviors or investments.

Alternative Fuel Vehicle

A vehicle that operates using a fuel source other than traditional petroleum fuels, such as electricity, natural gas, propane, or hydrogen.

Previously Owned Clean Vehicle Credit

A federal tax credit available to individuals who purchase qualifying used clean vehicles, like certain used electric cars.

Plug-in Electric Drive Motor Vehicle

A type of vehicle that can be partially or entirely powered by electricity from an external charging source, including all-electric vehicles and plug-in hybrid electric vehicles.

Refueling Property Credit

A federal tax credit for the cost of installing equipment used to refuel alternative fuel vehicles, such as electric vehicle charging stations or natural gas fueling equipment.

Internal Revenue Code of 1986

The primary body of federal tax law in the United States, which outlines how taxes are calculated, collected, and enforced by the IRS.