If I buy a Chevy Volt this month, can I take a $7,500 tax credit?

Yes. The federal $7,500 tax credit for the purchase of an electric vehicle applies in 2012. (The credit applies for the first 200,000 such vehicles sold, but don’t worry because this number isn’t likely to be reached anytime soon.) You’ll have to wait until you file your 2012 return (in 2013) to reap this reward. Also check on any state-level incentives for the purchase (e.g., California offers a $5,000 rebate).