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The government knows that nobody really wants to have to calculate their taxes a year in advance in order to figure out if they get a discount on a car or not.Īnd starting in 2024 you won't have to. It'll be easier to get the credit in 2024, with a big but Tens of millions of people, including many who earn more than the median income. That's because the credit is applied against your tax bill (for vehicles purchased in 2023, you'll get the credit when you file in 2024) - and you don't get a refund if your tax credit is bigger than your total tax liability.Ī lot of people pay less than $7,500 in income taxes.
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On the other end of the income spectrum, for the next year, you have to owe at least $7,500 in taxes to get the full benefit of the credit. If any part of this paragraph seems relevant to your life, you'll probably want to talk to a tax advisor about your eligibility. Also, if you are over the cap in 2023 but were under the cap in 2022 you are still eligible. Contributions to a retirement account, among other things, reduce a taxpayer's AGI. Note that income limit is adjusted gross income, or AGI, not your total income. That's a big chunk of change, but because electric vehicles are so expensive, it will disqualify a fair number of buyers.
The new climate law also added income limits for the tax credit: a maximum of $300,000 for a household, $150,000 for an individual or $225,000 for a head of household. You can't make too much money (or too little) Some ID.4s will qualify for the tax credit – but not all. Only the BMW 330e, Chevy Bolt, Chevy Bolt EUV, Nissan Leaf, Tesla Model 3 and Volvo S60 are now classified as cars.Īn employee cleans a VW logo on a vehicle at the assembly line for the Volkswagen ID.4 in the production site of Emden, northern Germany, on May 20, 2022. Under the updated guidance, the vast majority of the eligible vehicles have an $80,000 price cap rather than a $55,000 price cap. The latest change raises the price cap for most crossovers, or small SUVs, and treats them like larger SUVs and trucks. 3, the IRS has reclassified many more vehicles as SUVs. The IRS just did make it a little easier for vehicles to qualify. "It's going to be hard to get a vehicle at these prices," she says. Jessica Caldwell, the executive director of insights at Edmunds, points out that most EVs sold today cost over 60 grand. That may sound generous, but electric vehicles are pricey. Only vehicles that cost less than $55,000, or less than $80,000 for trucks and SUVs, can get a tax credit. Read on to learn more about the other limitations. So which cars are now eligible? There's a list on the IRS website but - big, big caveat - just because a vehicle is on the list doesn't mean it actually qualifies. Vehicles must meet additional requirements in order to qualify.
Volvo S60 (PHEV), Extended Range and T8 Recharge (Extended Range)
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Volkswagen ID.4, and the ID.4 Pro, Pro S, S, AWD Pro and AWD Pro S ** Tesla Model Y All-Wheel Drive, Long Range and Performance ** Tesla Model 3 Rear Wheel Drive and Long Range
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Nissan Leaf S, S Plus, SL Plus, SV and SV Plus
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