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$4,000 in Electric Vehicle Tax Credit can be claimed when used vehicles are purchased. Read and find out in this article who qualifies for the Electric Vehicle Tax Credit!
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Electric Vehicle Tax Credit [Photo: Ramsey Solutions]
According to Parys, for a vehicle to qualify for the Electric Vehicle Tax Credit, it must have a selling price of less than $25,000 or less and a gross vehicle weight rating of no more than 14,000 pounds. The vehicle must be a qualified fuel cell vehicle or a plug-in electric vehicle with a battery capacity of at least 7 kilowatt hours. The model of the vehicle must be at least 2 years prior to the date of purchase. For instance, a vehicle purchased in 2023 must be a model from the year 2021. In addition, the vehicle must not have been transferred to a qualified buyer after August 16, 2022. Lastly, the vehicle must be primarily used in the United States.
READ ALSO: Get A Deal On Your Next Electric Or Hybrid Vehicle In Rhode Island With DRIVE EV Rebates
Who is qualified for the Electric Vehicle Tax Credit?
According to Barry, to qualify for the Electric Vehicle Tax Credit, the vehicle must be a secondhand, qualified plug-in electric vehicle or fuel cell vehicle. These vehicles include cars and light trucks, says the Internal Revenue Code Section 25E. The buyer of the vehicle must not be the original owner of the vehicle. They must actually use the vehicle and not resell it. They must not have claimed another Electric Vehicle Tax Credit in the 3 years before the date of purchase. They must also not be claimed as a dependent on another person’s tax return.
Furthermore, the buyer’s modified adjusted gross income (AGI) must not be more than $150,000 for couples who filed jointly or for a surviving spouse. It must not be more than $112,500 for the heads of households. Lastly, it must not be more than $75,000 for all other tax filers. The modified AGI is from the year of the delivery of the vehicle or the previous year, whichever is lower. If the income is below the income limits for any of the two years, the Electric Vehicle Tax Credit can be claimed.
READ ALSO: Up To $7,500 Tax Credits Set To Discount Luxury Electric Vehicle Leases
