Final sales price must be less than $25,000. The IRA also introduces a used EV tax credit of 30 percent of the sale price up to $4,000. Beginning in 2023, only sedans under $55,000 and SUVs and vans under $80,000 will qualify and buyers must have an adjusted gross income of under $150,000 for individuals, $225,000 for head of household, or $300,000 for a joint household.
The 2022 Inflation Reduction Act limits tax credits to only passenger vehicles assembled in North America. The amount of the tax credit and eligibility for the credit will vary depending on the specific make, model, and battery size of the electric vehicle. To qualify, the commercial charger must be located in a low-income or non-urban community.įederal tax credits of up to $7,500 are available for the purchase of new all-electric or plug-in hybrid vehicles. įor commercial installation of EV chargers, there is a 6 percent tax credit up to a maximum of $100,000 per unit. More information on this tax credit may be found at. The credit can also be applied retroactively for installations as early as 2017. The credit covers 30 percent of the costs up to a maximum of $1,000 for residential installation. The federal government offers consumers a tax credit for EV charger hardware and installation costs. Below you will find a summary of available state and federal incentives for electric vehicles and EV chargers. In addition to federal tax credits, many states and electric utilities provide rebates, incentive programs, and state-level tax credits as well. This is recognized at the federal level with consumer tax credits to encourage adoption of this new technology. Electric vehicles and EV charging equipment are important investments for the future of our country.
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