1) FEDERAL TAX CREDIT (up to $7,500)
The Inflation Reduction Act went into effect on August 17, 2022.
ELIGIBLE VEHICLES: As of April 26, 2023, here's a list of vehicles that are currently eligible. This list will grow as manufacturers submit their paperwork- use this link to search for a specific vehicle for the most up-to-date info.
The Inflation Reduction Act went into effect on August 17, 2022.
ELIGIBLE VEHICLES: As of April 26, 2023, here's a list of vehicles that are currently eligible. This list will grow as manufacturers submit their paperwork- use this link to search for a specific vehicle for the most up-to-date info.
- Below is a summary of requirements to qualify for the tax credit:
- Income Limits: $150K for single taxpayer; $225K for head of household; $300K for a married couple
- Caps on vehicle price: $55K for a car, or $80K for SUV/Truck
- Vehicle must be purchased or financed (not leased). (However, many dealers will pass on the tax credit to their leasers- and more cars are eligible for the dealer tax credit!).
- The vehicle you purchase must have undergone final assembly in North America.
- Receive $3,750 tax credit if the vehicle meets the critical minerals requirement only
- Receive $3,750 tax credit if the vehicle meets the battery components requirement only
- Battery capacity of at least 7 kilowatt hours
- Gross vehicle weight rating of less than 14,000 pounds