The state offers tax incentives on new purchases of electric and plug-in hybrid vehicles. New EV and PHEV buyers can claim a $5,000 credit on their income tax return. The credits, which began phasing out in January, will expire by Jan. 1, 2026. Many leased EVs also qualify for a credit of $2,000 this year and then $1,500 for leases made between Jan. 1, 2021 to Jan. 1, 2026. Credit amounts are higher for electric trucks and heavy-duty vehicles.