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EV tax credit: What to know before you buy Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing informative and original content, by enabling you to conduct your own research and compare data at no cost - so you can make financial decisions without trepidation. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our loans, mortgages, and other products for home loans. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not contain the universe of companies or financial deals that could be accessible to you. mseidelch/Getty Images
9 min read Published on January 23, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances by providing precise, well-studied facts that break down complex topics into manageable bites. The Bankrate promises
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If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We strive to continuously give consumers the professional advice and tools required to succeed throughout life's financial journey. Bankrate follows a strict , so you can trust that our content is truthful and accurate. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial decisions. Our content produced by our editorial team is objective, truthful, and not influenced through our sponsors. We're honest regarding how we're in a position to provide quality content, competitive rates, and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and, services, or by you clicking on certain links posted on our site. This compensation could influence the manner, place and in what order items are listed, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own rules for our website and whether a product is offered in the area you reside in or is within your personal credit score may also influence the manner in which products are featured on this website. Although we try to offer a wide range offers, Bankrate does not include details about every financial or credit products or services. Electric vehicles are no longer just for car buyers. The EV market has experienced a massive expansion over the last couple of years, with registrations growing by 60 percent throughout 2022, as per . However the options for electric vehicles continue to diversify and now come in a range of designs and price points. Additionally, electric vehicles come with numerous savings benefits. Besides the obvious -- savings on gas -- there are electric car tax credits available to buyers of vehicles powered by electricity. It is contingent on your state of residence the electric car you own could save you thousands. What exactly is what is the EV tax credits? What is it? EV tax credit can be described as a financial incentive built by the government to let you earn money back in the form a credit, up to $7,500, if you buy an electric vehicle that is qualified. Statistics on electric cars The most straightforward way to see how much the market has grown is to examine recent . Just over 7 percent of all light-duty sales in the third quarter of 2022 comprised electric vehicles. ( ) California has the most new EV registrations at the time of the end of December 2021 with around 39 percent. ( ) By the end of 2021 there were about 16.5 million electric vehicles driving around. ( ) Around 50% of Americans are considering buying or leasing an EV, up 10 percent from last year. ( ) California has the highest number of charging stations at 14,463, which is followed by New York, Florida and Texas. ( ) Tesla is the most popular electric vehicle among American customers. ( ) 53 percent of those who aren't interested in EVs are concerned about the hassle associated with charging their vehicle. ( ) Gen Z are the first users of electric vehicles with 32 percent indicating they would like to purchase one within the next three years. ( ) Tesla made up 70% of all EV registrations in the first second quarter of 2022. ( ) Fifty-nine percent of customers are either extremely or somewhat likely to buy an EV ( ).
EV tax credit requirements EV tax credits are a government incentive built in order to encourage people to purchase vehicles powered by electricity. This incentive is not a check you receive in the mail following a vehicle purchase and is instead a tax credit worth up to $7500 that you will be eligible to receive. This credit applies to all electric and plug-in vehicles, however specific credits are available via the U.S. Department of Energy's website . What criteria to be considered for qualifying based on the year of manufacture of your car in order to be eligible for the incentives, your vehicle has to meet certain criteria. If you purchased your car in 2022 or prior to the date of purchase, it must be purchased on or within the last 12 months of December 31, 2009. It must be a brand new vehicle and not previously used. The vehicle must be purchased and not leasing. It must weigh upwards of 14,000lbs. Hold a battery capacity of at minimum four kilowatt per hour (kWh). It is intended for use exclusively within the United States. To be used for your personal use, not for resale. Utilize an external recharge source. If the vehicle you purchased was purchased in 2023 or the following year: Purchase the battery for your personal usage, not for resales. Use it primarily in the U.S. You must have a battery capacity of at least seven kWh. You must have a vehicle weight rating of less than 14000 pounds. It must be made by a . Finish assembly process at North America. MSRP below $80,000 for vans or sport utility vehicles, pickup trucks, and $55,000 for other types of vehicles. If the vehicle you are using was purchased in 2023 or later the date of purchase: You must be an individual who purchased the vehicle for use and not for resale. You must not be the original owner. It is not possible to claim as dependent on another's tax return. Not have claimed another used credit for a clean vehicle in the three years prior to the date of purchase. The price must be less than $25,000. Have a model year at least 2 years earlier than that of the calendar in which you purchase it. For instance, a car purchased in 2023 would need an model that was 2021 or more. Not have already been transferred after August 16, 2022 to a qualified buyer. The vehicle must have a weight rating that is under 14,000 pounds. You must be a FCV-compliant plug-in EV that has a battery capacity of at least seven kWh. Be for use primarily within the United States. Purchased from an authorized dealer. Bankrate tip
To locate where your vehicle was assembled, enter your VIN (vehicle identification number) on the website. It is important to keep in mind that buying the vehicle alone does not guarantee that you will receive the tax credit. You have to file with the IRS.
Taxes on income and the EV tax credit Anyone who provides the necessary information for a qualified vehicle by using Form 8936 may be qualified to receive the EV tax credits. The amount of money you make can affect what tax credits you receive. If you earn a certain amount of money that is greater than $300,000 for married couples filing jointly or the heads of household and $150,000 for the rest of the taxpayers, you do not be eligible to receive tax credit. State and local EV tax credits and incentives Unfortunately, not every state provides EV tax incentives and tax credits. In fact, more than half of the states in the United States don't offer any EV tax incentive program. Therefore, prior to setting out to buy an electric charging station for your garage, consider how much you can save in your home state. EV tax credits based on vehicle brand Here are a few specific EV tax credits that are offered by the various brands of vehicles. As with every state, consider the benefits from one brand of vehicle versus other. The brand name of your vehicle
Credit is available
Information collected from
Audi
$4,502 to $7,500
BMW
$3,793 to $7,500
Chevrolet
No longer eligible
Fiat/Chrysler
$7,500
Ford
Between $4,007 and $7,500
Honda
Between $3,626 and $7,500
Hyundai
From $4,543 to $7,500
Jaguar/Land Rover
$6,295 to $7,500
Kia
From $4,543 to $7,500
Mercedes
Between $3,501 and $7,500
Mitsubishi
$5,836 to $7500
Nissan
$7,500
Porsche
$3,667 to $7,500
Subaru
$4,502 to $7,500
Tesla
No longer eligible
Toyota
From $2,500 to $7,500
Volkswagen
$7,500
Volvo
From $4,585 to $7,500
Making the decision to buy an electric vehicle is similar to buying a traditional gas car making the decision to enter the world of buying an electric vehicle requires questioning several factors, such as cost, size and practicality. However, buying an EV takes extra consideration. Here are a few questions to consider before you decide to purchase an electric vehicle is right for you. Is there charging available in my region? Before you purchase an EV it is essential to verify that there are charging stations in your region. Make use of resources like those provided through to explore options before purchasing. What's the car's range? You will need to confirm that the range of your new car corresponds to your usual driving routine -- and any trips you're thinking of. What's the anticipated maintenance of your vehicle? While you'll have to reserve some cash for service checks, you won't have to fret about the cost of oil changes or other emissions equipment. How much is EV insurance? The price of EV insurance ranges so best to research and determine which lender will best suit your requirements. Check out Bankrate's guide to . Should I lease an EV? Think about if you're capable of obtaining advantageous incentives from the manufacturer or you'd rather replace your vehicle every couple of years. Should I purchase a brand new vehicle or used? Consider incentives available and your budget. The future of EV tax credits Electric vehicles remain some of the most expensive cars currently available. And until more are produced in the near future, they'll remain at a steeper price point. However, as manufacturers are making green vehicles an important priority as well as the federal government looking to reward that, the tax credit likely will not disappear in the near future. And if you have been thinking about becoming more environmentally friendly for a while and are considering it now, it's the perfect time to take action. This is especially the case following the executive order stating that half of all new vehicles sold in the U.S. should be electric in 2030. While that is quite an increase of a significant percentage from where you are today, you could be able to take advantage of the current surge of electric car options and save money with an tax credit that is available. 2022 Inflation Reduction Act Following months of debate the 755-page Inflation Reduction Act passed and was signed into law by Vice President Biden on Aug. 16. It is designed to "fight inflation, invest in domestic manufacturing and energy production, and reduce carbon emissions by 40 percent in the next decade," according to a . The new law will impact tens of million of Americans and could encourage more drivers to buy electric and reduce carbon emissions. The section of the law concerning clean vehicles states that the same tax credit will be offered to buyers who buy an EV, but more strict requirements on the vehicle components may make finding a qualifying EV challenging. The incentive is split into two components. To be eligible for the first $3,750, a certain percentage of critical minerals utilized in its battery have to be extracted in the U.S. or a country with which the U.S. shares a free trade agreement. The second half of the $7,500 focuses on where the battery components come from. The majority of battery components have to be manufactured within either the U.S., Canada or Mexico. The percentages required of crucial minerals will rise each year , from 2024 to 2026, and will continue until 2028 for all components. Furthermore, the cars must be built in North America. Although this poses a challenge, many manufacturers that no are offering incentives, like Tesla and GM are expected to restart. The law removes the restriction on the amount of EVs sold. Manufacturers who sold 200,000 vehicles would no longer be eligible to offer credit. Credits for used EV tax credits Another major shift that this law has brought about concerns used EV credits for tax purposes. Drivers who might not be able to afford a brand-new EV are still eligible for the tax credit. For purchases up to $25,000, buyers get a tax deduction that is up to 30 percent of the purchase price with a limit of $4,000. Liz Najman, leader of the 'Policy Research' department at, discussed how the new law affects buyers of cars. "Many people who buy cars within America are now eligible for rebates. U.S. can now receive up to $4,000 back for a used vehicle with a purchase price below $25,000." says Najman. In addition, a an analysis by the agency that conducts the analysis revealed that "almost 20% of used EVs have a price that would be eligible, and that portion that is eligible for tax credits only likely to expand this year," says Najman. "An positive early sign," says Najman, is that "already in January, about 50% of the used vehicles tested by our agency would be eligible for some money back." While it could appear that tax credits have limited access due to recent legislation, says Najman, "in reality, the introduction of used car tax credits is already expanding its scope and the number of drivers who are able to purchase and drive an EV." What time will the new law take force?
Updated used vehicle incentive regulations will be applicable to vehicles purchased after Dec. 31st, 2022. These regulations will expire on Dec. 31 2023.
The bottom line If you are considering buying an all-new set of wheels is now upon you, consider buying a electric vehicle to help address climate change and take advantage of tax credits for electric vehicles and incentives. Before making a decision on an EV, do your homework and determine if there are tax credits available. Also, examine the charging stations available in your area and, depending on how you plan to use the vehicle, check the battery capacity of the EV you're interested in. When it comes time to search for and evaluate rates and prices for purchasing EVs over traditional. FAQs about EV tax credits Do leased vehicles qualify to receive an EV tax credit? The federal tax credit does not apply to those . Instead, that money is paid to the leaser. But this still can lower a monthly payment in the event that the lessor decides to incorporate the incentive into the lease agreement. You can mention this in order to try and save money.Certain states offer incentives that apply regardless of whether you're leasing or purchasing. Will you see the Federal EV tax credit be available? It is likely that the credit will remain in place for a long time, particularly with increased pushes for more climate-aware vehicles. But the available vehicles are always changing due to the phase-out system of tax credits.When a particular manufacturer reaches 200 electric vehicles manufactured to be used in the United States, those vehicles are no longer qualified for tax credits. Due to this, it's important to check whether the car you want to buy is still eligible to be financed. Can a household get multiple EV tax credit? In the event that two household members buy electric automobiles for themselves and then claim credit for the cars they own. If two people purchase an EV jointly it can only be claimed one time.
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers feel confident to manage their finances with concise, well-researched and well-organized information that breaks down complicated topics into digestible pieces.
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