Plug-In Hybrid Electric Vehicle (PHEV) Tax Credit
For taxable years before 2017, an income tax credit is available for the in-state purchase or lease of a new PHEV. For the purpose of this incentive, a PHEV is a vehicle equipped with an internal combustion and an electric engine with an all-electric range of at least nine miles, uses an external source of energy to charge the battery, and has at least four kilowatt-hours (kWh) of battery capacity. The credit is equal to $667, plus $111 if the vehicle has at least five kWh of battery capacity, plus an additional $111 for each additional kWh, with a maximum allowed credit of $2,000. Low- or medium-speed vehicles do not qualify for this credit. Total claims for all taxpayers in one year may not exceed $200,000 and are available on a first-come, first-served basis. (Reference South Carolina Code of Laws 12-6-3376)
Jurisdiction: South Carolina
Type: State Incentives
Enacted: May 14, 2012
See all South Carolina Laws and Incentives.