Have a gross vehicle weight rating of less than 14,000 pounds.Have a battery capacity of at least 7 kilowatt hours.$3,750 if the vehicle meets the battery components requirement onlyĪ vehicle that doesn't meet either requirement will not be eligible for a credit.$3,750 if the vehicle meets the critical minerals requirement only.Vehicles will have to meet all of the same criteria listed above, plus meet new critical mineral and battery component requirements for a credit up to: For vehicles placed in service Apand after: In general, the minimum credit will be $3,751 ($2,500 + 3 times $417), the credit amount for a vehicle with the minimum 7 kilowatt hours of battery capacity. Plus $417 for each kilowatt hour of battery capacity beyond 5 kilowatt hours.Plus $417 for a vehicle with at least 7 kilowatt hours of battery capacity.For vehicles placed in service January 1 to April 17, 2023: The amount of the credit depends on when you placed the vehicle in service (took delivery), regardless of purchase date. You can't apply any excess credit to future tax years. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit. You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. $300,000 for married couples filing jointly.

In addition, your modified adjusted gross income (AGI) may not exceed: Buy it for your own use, not for resale.

The credit is available to individuals and their businesses. The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032. 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). If you place in service a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit.įind information on credits for used clean vehicles, qualified commercial clean vehicles, and new plug-in EVs purchased before 2023. Find details in Q6 under Topic A in the Fact Sheet PDF. This applies even if you bought the vehicle before April 18. If you take possession of a new clean vehicle on or after April 18, 2023, it must meet critical mineral and battery component requirements to qualify for the credit.

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