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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.
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.
The U.S. Energy Policy Act of 2005 established a federal income tax credit of up to $3,400 for the purchase of new hybrid vehicles, purchased or placed into service after December 31, 2005. [ 1 ] [ 2 ] Vehicles purchased after December 31, 2010 are not eligible for this credit.
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.
Rivian's first attempt at an SUV skims just under the maximum MSRP threshold to be eligible for the full $7500 tax credit. The R1S starts price of $76,700, and it comes well equipped as standard.
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 ...
The list of EVs eligible for a $7,500 tax credit got a lot shorter on January 1. ... New requirements for a $7,500 federal tax credit on electric vehicles kicked in on January 1, ...
If you and your car fall under the federal EV tax credit income and price limits, respectively, here are the 10 cars that will get you a full federal tax credit of $7,500 and their MSRPs ...