EV Credits – 2023

If you bought and placed in service a new qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV) on January 1, 2023 or later and meet certain income limitations, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D.

Qualified Manufacturers of the vehicles listed below have indicated that the vehicles are currently eligible for a credit provided other requirements are met.  Check back for additions to this list.

Use below IRS website to check which car qualifies

https://www.irs.gov/credits-deductions/manufacturers-and-models-for-new-qualified-clean-vehicles-purchased-in-2023-or-after

Who Qualifies

You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.

The credit is available to individuals and their businesses.

To qualify, you must:

• Buy it for your own use, not for resale
• Use it primarily in the U.S.

In addition, your modified adjusted gross income (AGI) may not exceed:

• $300,000 for married couples filing jointly 
• $225,000 for heads of households
• $150,000 for all other filers

You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.

The credit is nonrefundable, so you can’t get back more on the credit than you owe in taxes. You can’t apply any excess credit to future tax years.