Electric cars are propelled by electricity and built by an original equipment manufacturer.
They have higher depreciation limits than gas-propelled passenger cars. Although a hybrid car may be partially powered by electricity, it is not treated as an electric vehicle.
Annual Depreciation Limits for Electric Cars
- Tax year 2006: $8,960
- Tax year 2007: $14,400
- Tax year 2008 $8,650
- Tax years after 2008: $5,225
Annual limits must be reduced for personal use.
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- Return to the Business Deductions Table of Contents to find related links