New and Previously Owned Clean Vehicle Credits
On April 16, 2024, the IRS revised frequently asked questions for the new and previously owned clean vehicle credits.
Category: Electric Vehicles
Understanding the Clean Vehicle Tax Credit
Consumers considering an automobile purchase should understand several recent changes to the new Clean Vehicle Credit for qualified plug-in electric drive vehicles, including qualified manufacturers and tax rules.
2023 Electric Vehicle Tax Credits
If you buy 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 of up to $7,500.
Electric Vehicle Tax Credit
If you are interested in claiming the EV tax credit for purchasing a new electric vehicle after August 16, 2022, a tax credit is generally available only for qualifying electric vehicles where final assembly occurred in North America. A transition rule applies for electric vehicles purchased before August 16, 2022.