Consumer Reports' Electric Vehicle Savings Finder highlights local and federal incentives and tax rebates, based on your ZIP code and the model you're researching. Contact online >>
Consumer Reports'' Electric Vehicle Savings Finder highlights local and federal incentives and tax rebates, based on your ZIP code and the model you''re researching.
Tax credits up to $7,500 are available for eligible new electric vehicles and up to $4,000 for eligible used electric vehicles. You can claim the credit yourself or work with your dealership. Tax credits are available for home chargers and associated energy storage, each up to $1,000.
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If you buy a new or used clean energy vehicle, you may qualify for a non-refundable tax credit. Visit FuelEconomy.gov for a list of qualified vehicles. Qualified two-wheeled plug-in electric vehicles may also be eligible for this credit.
You claim the credit using Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit, and submit it with your individual tax return.
Beginning in 2024, buyers can transfer clean vehicle credits to qualified sellers at the time of sale and use the credit amount as a down payment or a reduction of the manufacturer''s suggested retail price.
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The Inflation Reduction Act(IRA) provides new opportunities forconsumers to save money on clean vehicles, offering multiple incentives for the purchase or lease of electric vehicles (EVs), plug-in hybrid vehicles, fuel cell vehicles, and associated equipment such as chargers.These vehicles are more efficient than gas-powered vehicles, so you can save hundreds of dollars per year on fuel and significantly reduce pollution.
If you checked ALL of the above, you may qualify for a full credit of $7,500 or a partial credit of $3,750, based on the vehicle''s battery components and critical minerals. Visit IRS.gov for more details andcheck a vehicle''s eligibility at FuelEconomy.gov.
In figuring out your eligibility for a clean vehicle tax credit, there are three more factors to consider: the timing of your vehicle acquisition, your personal or household income level, and whether the vehicle itself is eligible.
It''s important to keep in mind that not all clean vehicles are eligible for IRA tax credits. IRA contains various criteria that vehicles must meet to qualify for the clean vehicle tax credit, including where the vehicle was assembled; the size of the vehicle battery; the location of the extraction, processing, recycling, manufacturing, and assembly of the battery''s minerals and/or component parts; the manufacturer suggested retail price or MSRP; and other requirements. See the links below for more information about vehicle models from qualified manufacturers:
Visit the FuelEconomy.gov Tax Center to determine whether a vehicle qualifies for a tax credit, navigate eligibility requirements, and read frequently asked questions. You can also use the tax credit calculator to determine how much you can claim on a used vehicle.
Download and print out our buyer eligibility checklistor click on the file above and bring it with you to the dealership.
The IRS maintains and updates a list of new vehicles that qualify for tax credits of up to $7,500.As new rules take effect and manufacturers adapt to changing conditions in the clean vehicle market, it is likely that the list of eligible vehicles will change. So, as you make plans to purchase a clean vehicle, please remember to check theFuelEconomy.gov Tax Center regularly.
EV chargers must be installed in low-income or non-urban census tracts, which can be found here. IRS will periodically publish lists of census tracts that meet the requirements.
The credit for each single item of property is 30% of the total cost—up to $1,000 for personal-use chargers.
Each charging port and each storage property used in recharging an EV is considered a single item of property for calculating the credit. For example, if you install a single charging port that required upgrading your home''s electrical panel, conduit, and wiring, the 30% credit is applied to the sum of the cost of each property (i.e. one charging port), and the costs of components and parts that are essential to the operation of the property (i.e. electrical panel, conduit, and wiring)—including labor costs for construction and installation. See additional examples for more detail.
Starting on Jan. 1, 2024, eligible consumers will have the option to transfer the value of the tax credit to dealers that meet certain requirements in exchange for an equivalent reduction in the vehicle''s purchase price. That would mean an immediate reduction off the price of the vehicle at the point of sale rather than waiting for a tax credit after filing taxes.
Dealers will be responsible for submitting the tax credit information to the IRS to determine vehicle eligibility and credit amount. Dealers must also provide buyers a copy of the IRS''s approval of the dealer''s submission.
For up-to-date information for dealers and consumers on point-of-sale credits, refer to information on the IRS Clean Vehicle Tax Credit.
To find additional up-to-date information about eligibility, the IRS maintains a list. Happy shopping!
Disclaimer: The information on this page should not be viewed as an official or legally binding document. Other requirements or exceptions may apply. For more detailed information, please consult an IRS tax representative and/or official IRS publications.
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