The IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle credit.

Taxpayers are eligible for a credit for the purchase of a qualified plug-in electric drive motor vehicle. The credit is equal to $2,500 plus additional amounts based on battery capacity. The max credit allowed is $7,500.

A list of qualifying vehicles can be found here.

Please contact your Somerset advisor at 317-472-2200 or  with any questions.