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 released updated guidance on clean vehicle purchases and how the new Inflation Reduction Act applies to potential tax credits. This guidance was made available on December 29th, 2022, and relevant links to the EV purchase specifics are posted in the Useful Links section below.
Additionally, there is a new IRS Page of Frequently Asked Questions for New, Previously-Owned, and Qualified Commercial Clean Vehicle Credits here, also published in late December 2022:
This IRS FAQ page has a link to a 10-page Fact Sheet PDF with information on clean vehicle tax credits.
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We are aware of the proposed legislation by Senator Manchin taking aim at the delay in the IRS Guidance being issued for the battery mineral sourcing portions of the IRA. We do not expect this bill to pass but will continue to watch it and update as needed. For more information on Sen. Manchin's proposed bill see - https://thehill.com/policy/energy-environment/3829313-manchin-takes-aim-at-treasury-delay-for-ev-tax-credit-restrictions/
The IRS has released some clarification on which EVs are SUVs ($80,000 MSRP limit) versus Cars ($55,000 MSRP limit). Previously, it was difficult to understand if you would receive the EV ITC or not unless you looked up the exact vehicle. The most impacted EVs by this clarification will be the Tesla Model Y, Ford Mustang Mach-E, Cadillac Lyriq, and VW ID.4 - all versions of each of these are now in the $80,000 MSRP/SUV category.
To see the list of all qualified EVs, visit the first link in the section below.
The IRS explains the details for EV Tax Credit qualifications and requirements of purchases made ON January 1, 2023 or later
The IRS Qualifications for Clean Vehicles Purchased in 2023 have changed! There are new Income and Vehicle Qualifications and Determinations for EV tax credits
The U.S. DOE Alternative Fuels Data Center site for eligible EVs with VIN DECODER to check a vehicle's potential credit status
Plugin America has a commonly asked 2023 EV Tax Credit Q&A resource page here:
The US Treasury released a white paper on the upcoming proposed guidance on critical mineral and battery component requirements.
Learn more in the PDF linked here.
The IRS Explains Extra Requirements for Vehicles Purchased in 2022 after August 16, 2022 through the end of 2022. Manufacturer and Model details are outlined on this page for 2022 and prior purchases
IRS Tax Credit details on Electric Vehicle Purchases in 2022 or before
The IRS Form 8911 for the EV Charging Station Credit. This is a section 30C tax credit and is in effect through 2032.
The IRA provided a 10-year extension to the EV Charging Station Credit as well as added some upgrades.
Plugin America recently hosted a "What You Need To Know About 2023 EV Tax Credits" event. You can now find that content here!
Here is a link to the slides: https://www.slideshare.net/PlugInAmerica/what-you-need-to-know-about-federal-2023-ev-tax-credit
FAQ resource page on the topic: https://pluginamerica.org/policy/what-you-need-to-know-about-2023-ev-tax-credits/
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