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 tax credits on April 18th, 2023. MSRP caps changed and eligible EV Models have been updated.
The relevant links to EV purchase specifics are posted in the Useful Links section below.
Purchasing a New or Used Clean Vehicle ON or AFTER April 18th, 2023? Find your tax credit info here:
This IRS has a link to an updated 13-page Fact Sheet PDF with information on clean vehicle tax credits.
Have a resource you would like us to consider adding? Send it to us at info@DriveElectricColumbus.com
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/
LATEST IRS Qualifications for Clean Vehicles Purchased in 2023 have changed! There are both Income Limitations and Vehicle Qualifications & Determinations for potential EV tax credits
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
Beginning 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.
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.
File your 2023 taxes in 2024 using IRS Form 8936 to help determine your eligibility for the tax credit.
The U.S. DOE Alternative Fuels Data Center site for eligible EVs with VIN DECODER to check a vehicle's potential credit status
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 made in 2022 or before
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