You must have a federal tax liability in the year you purchase an electric car or plug-in hybrid to claim the tax credit. Many governments offer a hybrid tax credit or hybrid tax rebate as a financial incentive for consumers to purchase a hybrid vehicle. This represents a pretty significant improvement over the previous tax system, which allowed hybrid car owners to make a deduction of up to $2,000 on their taxes. The tax credit is here to help you save cash by reducing the income tax you owe to state and federal governments. Also use Form 8936 to figure your credit for certain qualified two- or three-wheeled plug-in electric vehicles. So how do you begin claiming the electric and hybrid tax credits available today? Form 8936 Alternative Motor Vehicle Tax Credit But if your vehicle qualifies for a $7,500 tax credit and your federal tax bill is only $4,000, you can only claim a credit for $4,000. It's also important to note that leasing a hybrid won't necessarily get you a credit, since the leasing company actually has the right to claim the credit. Let’s first take a look at the federal tax credit and which vehicles can claim it. The credit amount varies based on the capacity of the battery used to power the vehicle.All current Tesla models are (and the Model 3 will be) eligible for the initial full $7,500 credit. The IRS keeps a list of the qualified cars and related credit amounts on its Web site, so if you're wondering if a certain hybrid you bought within the correct time period qualifies for a tax credit, you can go to the IRS Web site to find out. How to Claim the Electric and Hybrid Car Tax Credit. Does 2020 Toyota Rav4 Hybrid Qualify For Tax Credit - The All-New 2020 RAV4 TRD Off-Road Presenting the 2020 Toyota RAV4 TRD Off-Road. It's also important to note that leasing a hybrid won't necessarily get you a credit, since the leasing company actually has the right to claim the credit. The IRS keeps a list of the qualified cars and related credit amounts on its Web site, so if you're wondering if a certain hybrid you bought within the correct time period qualifies for a tax credit, you can go to the IRS Web site to find out. However, if you want to learn more about these credits, read on. Federal Electric Vehicle Tax Credit. Fill out Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit. You need to be patient to get the federal tax credit on your electric car or plug-in hybrid vehicle. The qualified hybrid vehicle tax credit, which originally allowed taxpayers to deduct up to $7,500, is available to taxpayers who purchase a new qualifying hybrid …