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Learn about EV tax credits — who qualifies, income limits and how to claim up to $7,500 for electric vehicles. Find out if your EV purchase is eligible.
In 2024, several EVs are eligible for the federal government's tax credit program, which can reduce what you owe the IRS by up to $7500 for a single tax year.
The all-wheel drive, rear-wheel drive, and performance trim levels are still eligible for the $7,500 tax credit. The MSRP limit on these models is $80,000. Tesla Model X
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
The vehicle must be new, and the original use for the vehicle by the taxpayer receiving the credit should not change. The tax credit will only be given to the original purchaser of the vehicle, and not to a secondhand owner. If the vehicle is being lease, the tax credit can be claimed by the leasing company alone.
Taxpayers are eligible for a credit of 30% of the vehicle price, up to $4,000. The purchaser cannot be the same person who bought it new. There can only be one credit taken per vehicle.
The Toyota Prius Plug-in Hybrid, released in January 2012, was eligible for a $2,500 tax credit due to its smaller battery capacity of 5.2 kWh. [278] All Tesla cars and Chevrolet Bolts were eligible for the $7,500 tax credit. As granted by the 2009 ARRA, electric vehicles produced after 2010 are eligible for an IRS tax credit from $2,500 to ...
As of the start of the year, the implementation of new rules by the Department of Energy (DOE) means only 13 vehicles qualify for federal tax credits for electric vehicles made in North America.
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