You must know if you want to buy a new plug-in electric or fuel cell vehicle in 2023 or later! You may be eligible for an EV tax credit if you have planned so.
However, You will get this rebate as clean vehicle tax credit. Through this, your taxes will reduce up to $7500.
How to qualify for this Tax credit and how you will get it is explained below. So let’s dive in to know.
EV Tax Credit: Who Can Claim It?
It is a non-refundable credit on your taxes that you can claim.
However, It is available to individuals and their businesses who meet these requirements:
- You buy a new, qualified plug-in EV or FCV for your use, not resale.
- You use it primarily in the U.S.
- Your adjusted gross income (AGI) should be at most the $300,000 (married couples filing jointly) and $225,000 for heads of households.
- All other filers’ AGI must stay within $150,000.
- You file your tax return by the deadline.
The vehicle’s manufacturer suggested retail price (MSRP) is at most $80,000 for vans, SUVs, and pickup trucks or $55,000 for other vehicles.
The vehicle has a battery capacity of at least 7 kilowatt hours and a vehicle weight rating of fewer than 14,000 pounds.
A qualified manufacturer makes the vehicle and undergoes final assembly in North America.
The vehicle meets critical mineral and battery component requirements (as of April 18, 2023)
