Buying a New Car Soon? Considering an Electric Vehicle?
Up to $7,500 may be available in tax credits for electric vehicles that meet IRS requirements. There are also IRS requirements that your modified adjusted gross income must not exceed $300,000 if married filing jointly, $225,000 for head of household filers, and $150,000 for all other filers.
To qualify for the tax credit the vehicle must:
- Have a battery capacity of at least 7 kilowatt hours.
- Undergo final assembly in North America.
- Be made by a qualified manufacturer.
- Meet critical mineral and battery component requirements.
- Cannot be acquired for resale.
- Have a gross vehicle weight rating of less than 14,000 pounds.
Electric cars from Kia and Hyundai do not qualify because they are manufactured outside North America.
For additional information and to see which vehicles are eligible please visit: www.FuelEconomy.gov.