1099-Misc was received from the State of Maine for an Efficiency Maine EV rebate for the purchase of an EV. Is the rebate taxable or is it exempt from being taxed?

[SabrinaD2 · Accepted solution]

EV rebates from the State of Maine are normally reported on a 1099-MISC and are generally taxable at the federal level. The IRS considers rebates not applied at the point of sale as a price reduction to be taxable income.

For more detailed information, you can refer to Efficiency Maine EV Rebate Direct from Manufacturer