tax credit for electric car 2023

Credits for New Clean Vehicles Purchased in 2023 or AfterRequirements  New Effective 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 

Who Qualifie

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) 

To qualify, you must: – Buy it for your own use, not for resale – Use it primarily in the U.S.

n addition, your modified adjusted gross income (AGI) may not exceed: – $300,000 for married couples filing jointly  – $225,000 for heads of household

ou 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 

Qualified Vehicle

– Have a battery capacity of at least 7 kilowatt hour – Have a gross vehicle weight rating of less than 14,000 pound

– Undergo final assembly in North America – Meet critical mineral and battery component requirements (as of April 18, 2023).

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