Unfortunately, only six vehicles qualify after strict new guidelines.
that taxpayers who purchase a new plug-in electric vehicle or fuel cell vehicle in 2023 or later may be eligible for a clean vehicle tax credit. The credit can be up to $7,500 under Internal Revenue Code Section 30D and is available to individuals and their businesses who buy it for their use, not for resale, and primarily use it in the U.S.
To qualify for the credit, your modified adjusted gross income may be, at most, $300,000 for married couples filing jointly, $225,000 for heads of households, or $150,000 for all other filers. The credit is nonrefundable, meaning you can't get back more on the credit than you owe in taxes, and you can't apply any excess credit to future tax years.
The amount of the credit depends on when you placed the vehicle in service, regardless of the purchase date. The minimum credit for vehicles placed in service from January 1 to April 17, 2023, will be $3,751. The credit amount for vehicles placed in service after April 18, 2023, will depend on whether the vehicle meets critical mineral and battery component requirements.
Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit, and the vehicle's manufacturer suggested retail price can't exceed $80,000 for vans, sport utility vehicles, and pickup trucks, or $55,000 for other vehicles.
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