Electric Vehicle Incentives USA

Federal Incentives

• Federal Tax Credit for New Electric Vehicles

  Category: Tax Benefits All-electric vehicles purchased new in 2023 or after may be eligible for a federal income tax credit of up to $7,500. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. Also, you can't apply any excess credit to future tax years.
  
  The availability of the credit will depend on several factors: Vehicle's MSRP, Final assembly location, Battery component and/or critical minerals sourcing, Taxpayer’s modified adjusted gross income (AGI).
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• Federal Tax Credit for Pre-Owned Electric Vehicles

  Category: Tax Benefits Pre-owned all-electric vehicles purchased in 2023 or after may be eligible for a federal income tax credit. The credit equals 30% percent of the sale price up to a maximum credit of $4,000. The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. Also, you can't apply any excess credit to future tax years.
  
  The vehicle must be purchased from a dealer, have a sale price of $25,000 or less, and must have a model year two years prior to the current calendar year.
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• Federal EV Charger Tax Credit

  Category: Tax Benefits Individuals in low-income communities and non-urban areas who purchase qualified residential EV charger after January 1, 2023, may receive a tax credit of up to $1,000.
  
  In order to qualify, individuals need to be located in low-income community census tracts or non-urban census tracts as defined in IRS Notice 2024-20.
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