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  • IRAGuide
  • DEEM
  • Upcoming Events
  • Resources
  • Legislative Action
  • Current - EVent Photos
  • Meetings - Notes
  • Articles
  • EV Road Trip
  • Ask An EV Owner
  • Charging Challenge
  • Archived - EVent Photos
  • EVGuide

How the Presidential Election could Impact Tax Credits

 The results of the Presidential election will likely bring significant shifts in federal support for electric vehicles (EVs), renewable energy systems, and energy-efficient home upgrades like rooftop solar & heat pumps. The administration is expected to begin revisiting policies established under the Inflation Reduction Act (IRA) early in their term. This could mean swift action aimed at reducing or dismantling tax credits that currently encourage clean energy purchases and installations.


We’ve seen significant support through these credits to help make EVs and renewable energy more affordable, but some of these options may no longer be available or could be subject to court reviews or budget restrictions moving forward.


What Can Be Affected?
The tax credits currently incentivize:

  • Electric Vehicle Purchases: Credits for new and some used EVs, which have reduced upfront costs for buyers.
  • Rooftop Solar Systems: Support for home solar installations, enabling more households to adopt clean energy.
  • Home Energy Efficiency: Heat pumps, home insulation, and other energy-efficient home upgrades that reduce carbon footprints.

What You Can Do Now:

  • Finalize Purchases: Make any major sustainability-related purchases by December 31, 2024, if you want to claim tax credits under the current rules.
  • Research Available Credits: Ensure you are fully aware of which incentives apply to your purchase. Many tax credits are item-specific, so double-check the requirements and eligibility.
  • Contact Your Tax Professional: If you have any uncertainties, consult with a tax advisor about how to make the most of available credits.

If you'd like more resources on the potential impacts of this transition or have questions about timing your EV or renewable energy purchase, please reach out to us, and we'll do our best to connect you with the latest information and support options.

info UPDATED for 2025

Inflation reduction act - UPDATES TO EV TAX CREDITS

IRA Signed on 8/16/2022 - GUIDANCE UPDATED JAN 2025

The Inflation Reduction Act of 2022 (IRA) changed the eligibility rules and potential credit amounts available on clean vehicle tax credits across the board.


The U.S. Treasury Department and IRS has released guidance on clean vehicle purchases and how the Inflation Reduction Act applies to tax credits multiple times:

- Clean Vehicle Tax Credits must now be initiated and approved at the time of sale (at dealership)

- Taxpayer income (AGI) limits now apply ($300k Joint/Survivor, $225k Head of House, $150k all others)

- Vehicle MSRP caps have changed (Truck/Van/SUV is $80k, All other passenger vehicles is $55k)

- Vehicle weight maximum (14,000 lbs.) and 7kWH battery minimum required

- Final vehicle assembly location requirement applies (VIN Lookup Tool:  VIN Decoder | NHTSA )

- Critical mineral battery requirements have been established

- Dealership time of sale "seller report" requirements have been established, buyers must keep to file taxes

- Eligible EV Models have been updated, and credits have been changed


Purchasing a New or Used Clean Vehicle IN 2025?  Find more tax credit info here:

https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after 

NOTE: Tax Credits are Subject to Change as Executive Orders and/or Legislation Changes are Enacted


Executive Order:   https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-american-energy/ 


A Dealership-only Used EV Tax Credit has been introduced with lesser requirements than the New EV credits:

https://www.irs.gov/credits-deductions/used-clean-vehicle-credit


One Pager Checklist for  NEW EV Federal Credits:   Publication 5866 (10-2023) (irs.gov) 

One Pager Checklist for USED EV Federal Credits:   Publication 5866a (01-2024) (irs.gov) 


Cash on the hood may be available for your New or Used EV purchase at a dealership.  

More info on the specifics here:  Publication 5905 (1-2024) (irs.gov) 


Looking for information on vehicle eligibility?  Find out more here or check out the PDF below:  https://fueleconomy.gov/feg/tax2023.shtml


Additional links to EV purchases are posted in the Useful Links section below.


Have a resource you would like us to consider adding?  Send it to us at info@DriveElectricColumbus.com


Federal Tax Credits - Eligible Vehicles

Borrowed from the IRS & FuelEconomy.gov here:

https://fueleconomy.gov/feg/tax2023.shtml

(Data shown below as of 1/14/2025)

Download PDF

Useful Links - NOTE: Credits Subject to Change

IRS EV Tax Credit Qualifications IN 2024 (from April 18, 2023+)

IRS EV Tax Credit Qualifications IN 2024 (from April 18, 2023+)

IRS EV Tax Credit Qualifications IN 2024 (from April 18, 2023+)

LATEST IRS Qualifications for Clean Vehicles Purchased after April 18, 2023 have changed!  Amongst the changes are  Income Limitations and Vehicle Qualifications & Determinations for potential EV tax credits

2023+ Tax Credits

IRS EV TAX Credits - Eligible Manufacturers & Models

IRS EV Tax Credit Qualifications IN 2024 (from April 18, 2023+)

IRS EV Tax Credit Qualifications IN 2024 (from April 18, 2023+)


The IRS directs us to FuelEconomy.gov where they explain potential EV Tax Credit qualifications for the various Manufacturers and Models along with the potential credits

FuelEconomy.gov

*NEW IN 2024* CASH ON THE HOOD

IRS EV Tax Credit Qualifications IN 2024 (from April 18, 2023+)

*NEW IN 2024* CASH ON THE HOOD

DEALER TRANSFER

 OF TAX CREDIT 

Starting January 1, 2024, buyers can choose to transfer their new or used clean vehicle credit to a registered dealer in exchange for an equivalent reduction in the purchase price of the vehicle. 

Purchasing & Tax Credits at Time of Sale

used clean vehicle TAX credits

Forbes EV Charging Station Credit Article

*NEW IN 2024* CASH ON THE HOOD

Since January 1, 2023, if you buy a qualified used electric vehicle (EV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit up to a maximum of $4,000.

USED EV CREDIT IFNO

IRS EV Charging Station Credit

Forbes EV Charging Station Credit Article

Forbes EV Charging Station Credit Article

The IRS Form 8911 for the EV Charging Station Credit.  This is a section 30C tax credit and is in effect through 2032.

IRS Form 8911 EVSE CREDIT

Forbes EV Charging Station Credit Article

Forbes EV Charging Station Credit Article

Forbes EV Charging Station Credit Article

The IRA provided a 10-year extension to the EV Charging Station Credit as well as added some upgrades.

Forbes Article

IRS TAX FORM 8936 FOR EV CREDITS

IRS TAX FORM 8936 FOR EV CREDITS

IRS TAX FORM 8936 FOR EV CREDITS

File your taxes using IRS Form 8936 to help determine your eligibility for the tax credit.

IRS FORM 8936 EV TAX CREDIT

NHTSA VIN Decoder

IRS TAX FORM 8936 FOR EV CREDITS

IRS TAX FORM 8936 FOR EV CREDITS

NHTSA's VIN Decoder can identify a Vehicle's Plant of Manufacture for Location Tax Purposes

NHTSA VIN DECODER

AFDC - Eligible EV List

IRS TAX FORM 8936 FOR EV CREDITS

AFDC - Eligible EV List

The U.S. DOE  Alternative Fuels Data Center site for eligible EVs with VIN DECODER to check a vehicle's potential credit status

AFDC - VIN DECODER

IRA EV Tax credits fact sheet (forward looking)

Download PDF

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