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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 choices by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and compare information at no cost – so you can make your financial decisions without trepidation. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our loans, mortgages, and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial deals that could be available to you. mseidelch/Getty Images

9 minutes read. Published January 23, 2023

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers in navigating the details of borrowing money to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances with precise, well-studied information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee

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There are money-related questions. Bankrate can help. Our experts have been helping you manage your money for over four decades. We are constantly striving to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial choices. The content we create by our editorial staff is objective, factual and is not influenced by our advertisers. We’re open regarding how we’re capable of bringing high-quality information, competitive rates and useful tools to our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or through you clicking certain hyperlinks on our site. Therefore, this compensation may affect the way, location and when products appear in listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether a product is available within your region or within your personal credit score can also impact the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about each credit or financial products or services. Driving electric is no longer only for those who own cars. It is now a reality for all types of people. EV market has experienced dramatic growth over the past few years, and registrations have increased by 60 percent throughout 2022, as per . However, electric vehicle options are expanding and currently offer a variety of designs and prices. Additionally, electric vehicles come with numerous savings benefits. Besides the obvious — saving on the cost of gasoline, there are also tax credits available to people who buy vehicles powered by electricity. Depending on your home state the electric car you own can save you thousands. What is an EV tax credit? What is it? EV tax credit can be described as a tax incentive built by the government to let you earn money to repay in the shape of an amount of credit, which can be as high as $7,500, when you purchase an electric vehicle that is qualified. Statistics on Electric Cars The simplest method of determining how the market has grown is to look at the most recent . Seven percent or less of overall light-duty sales at the end of the third quarter of 2022 were electric vehicles. ( ) California has the highest percentage of new EV registrations on the end of December 2021 with approximately 39 percent. ( ) By the end of 2021 there were about 16.5 million electric vehicles driving around. ( ) About half of Americans are considering buying or leasing an electric vehicle which is up by 10 percent over the previous year. ( ) California has the most charging stations at 14,463, followed by New York, Florida and Texas. ( ) Tesla is the most popular electric car among American customers. ( ) 53 percent of those who aren’t interested in EVs are concerned about the hassle of charging their vehicles. ( ) Gen Z are the first to adopt electric vehicles and 32 percent have indicated their interest in buying one in the next three years. ( ) Tesla made up 70% of all EV registrations during the first second quarter of 2022. ( ) Five-thirty-nine percent people are likely to buy an electric vehicle ( ).

EV tax credit requirements The EV tax credit is a federal incentive built to encourage drivers to purchase an electric vehicle. This isn’t a check you receive after a vehicle purchase, but rather an amount of tax credit that can range from to $7,500 you are eligible for. This tax credit is applicable to all plug-in or electric vehicles, but specific credit amounts are available on the U.S. Department of Energy’s website . What is the criteria for qualifying? Depending on the year of manufacture of your car, to qualify for available incentives the vehicle must meet certain requirements. If the vehicle was purchased in 2022 or before it was purchased within the last 12 months of December 31 in 2009. It must be a brand new vehicle, not used. Must be a purchased vehicle and not leased. Have a weight rating of up to 14,000 pounds. The battery must have a capacity of at least four kilowatt per hour (kWh). It is intended for use exclusively in the United States. To be used for your personal use, not for resale. Make use of an external recharge source. If the vehicle you purchased was purchased in 2023 or after: Buy the battery for your personal useand not to resell. Make use of it mostly for use in the U.S. You must have a battery capacity of at least seven kWh. A vehicle’s gross weight rating of no more than 14000lbs. It must be made by a . Finish assembly process within North America. MSRP below $80,000 for vans as well as sport utility vehicles and pickup trucks, and $55,000 for all other vehicles. If the vehicle you are using was purchased in 2023 or earlier: Be an individual who purchased the vehicle solely for use and not to resell. You must not be the original owner. The vehicle cannot be claimed as a dependent on another person’s tax return. Have not claimed a used credit for a clean vehicle in the three years prior to the purchase date. You must have a purchase price of less than $25,000. You must have a model year that is at least 2 years earlier than that of the calendar when you purchase it. For example, a vehicle that you purchase in 2023 must have an model year 2021 or later. It must not have been transferred between the 16th of August, 2022 to a qualified buyer. Be a vehicle with a gross weight of not more than 14,000lbs. You must be a FCV-compliant plug-in EV that has an energy capacity of at least seven kWh. Be for use primarily inside the United States. It can be purchased from a dealer. Tip for Bankrate

To determine where your car was assembled, enter the VIN (vehicle identification number) on the website. It is also important to note that purchasing the car on its own does not ensure that you get your tax credits. It is necessary to file a tax return with the IRS.

Taxes on income and the EV tax credit Any motorist who submits the required information for a qualified vehicle by using Form 8936 could be qualified to receive the EV tax credits. The amount of money you make can affect what tax credits you get. If you make a certain amount of money in excess of $300,000 for married couples filing jointly, 225,000 for head of households and $150,000 for other taxpayers, you won’t qualify for tax credits. Local and state EV tax incentives and tax credits However, not every state provides EV incentives and tax credits. In fact, more than half of the states in the country don’t have an EV tax incentive program. Before you head out to purchase the charging station you need for your garage, consider how much you can save in the state you live in. EV tax credits by vehicle manufacturer Here are some of the specific EV tax credits provided by various vehicle brands. Just as each state differs and offers different benefits, think about the benefits of one brand of vehicle versus the other. Brand name of the vehicle

Available credit

Information obtained from

Audi

Between $4,502 and $7,500

BMW

Between $3,793 and $7,500

Chevrolet

No longer eligible

Fiat/Chrysler

$7,500

Ford

Between $4,007 and $7,500

Honda

From $3,626 to $7500

Hyundai

$4,543 to $7,500

Jaguar/Land Rover

Between $6,295 and $7,500

Kia

From $4,543 to $7,500

Mercedes

Between $3,501 and $7,500

Mitsubishi

Between $5,836 and $7,500

Nissan

$7,500

Porsche

Between $3,667 and $7,500

Subaru

$4,502 to $7,500

Tesla

No longer eligible

Toyota

$2,500 to $7,500

Volkswagen

$7,500

Volvo

Between $4,585 and $7,500

Making the choice to purchase an EV Just as with purchasing a gas-powered vehicle 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 some questions to think about before you decide whether to buy an electric vehicle is right for you. Is there charging available in my local area? Before you purchase an EV, it is important to confirm that there are charging stations in your area. Make use of resources like those provided through to research options prior to purchasing. What’s the range of your vehicle? You’ll need to verify that the range of your new car fits your typical driving routine as well as any other trips you might be contemplating. What is the expected maintenance schedule for your vehicle? While you will need to save some money to cover service checks however, you will not have to worry about costs from oil changes or other emissions equipment. What’s the price of EV insurance? The cost of EV insurance is variable, so you need to do some research and figure out the lender fits best with your needs. Take a look at Bankrate’s guide . Do I need to lease an electric vehicle? Think about if you’re able to find favorable incentives from manufacturers or you prefer to change your vehicle every couple of years. Should I purchase a brand new vehicle or used? Take a look at incentives available and consider your budget. The future of tax credits Electric vehicles are still some of the most expensive vehicles currently available. And until there are more produced in the near future, they’ll remain at a higher cost. But because manufacturers are making eco-friendly vehicles a priority while the state is trying to reward that, the tax credit likely will not be vanishing anytime soon. If you’ve been considering going green for a while and are considering it now, it’s a good time to act. This is especially true following the executive order stating that half of all new cars sold within the U.S. should be electric by 2030. While this is an increase of a significant percentage from today, you may be able to take advantage of the current surge of electric vehicles and also save some money by taking advantage of the tax credit available. 2022 Inflation Reduction Act Following months of debate and debate, the 755-page Inflation Reduction Act passed and was signed into law by President Biden on August. 16. The legislation aims to “fight inflation and to invest in manufacturing and energy production and reduce carbon emissions by around 40 percent in the next decade,” according to a . The new law is likely to affect tens of millions of Americans and could encourage more drivers to go electric, and help reduce carbon emissions. The legislation regarding clean vehicles suggests that the same tax credit will be offered to buyers who buy an EV, but more stringent requirements for the components of the vehicle could make locating a qualified EV difficult. The incentive is split in two parts. To be eligible for the first $3,750 the amount of essential minerals that are used in the battery must be mined in the U.S. or a country that there is a U.S. shares a free trade agreement. The second portion of $7,500 involves where the battery components come from. Most components for batteries must be made from Canada, the U.S., Canada or Mexico. The minimum percentage of critical minerals will be increasing each year from 2024 to 2026, and will continue until 2028 for all components. Additionally, the vehicles must be built at North America. Although this poses a challenge, many manufacturers that no provide incentives, such as Tesla and GM, will be able to return. The law eliminates the limitation on the amount of EVs sold. Previously, manufacturers that sold 200,000 vehicles would no longer be eligible to offer credit. Tax credits for used EV tax credits Another major change that has occurred since the legislation was passed pertains to the use of EV tax credit. Drivers who might not be in a position to buy a brand new EV may still be eligible for credits for tax. If the vehicle costs between $25,000 and $25,000, motorists get a tax deduction of up to 30 % of the cost of purchase, with a maximum of $4,000. Liz Najman, leader of the ‘Policy Research’ department at, discussed how the new legislation affects car buyers. “Many automobile buyers within the U.S. can now receive up to $4,000 for a used vehicle with a purchase price below the $25,000 threshold,” says Najman. Additionally, a recent research from the reporting agency discovered that “almost 20% of used EVs have a price that is eligible and that segment of the market is only expected to grow this year,” states Najman. “An encouraging early indicator,” says Najman, is that “already in January, about 50% of used cars checked with our would receive some money back.” While it might appear that tax credits have limited access due to recent legislation, says Najman, “in reality, the inclusion of used cars in tax credits is already expanding its scope and the number of people who can to purchase and drive an EV.” When will the new law take effect?

New used vehicle incentive rules will apply to cars purchased after Dec. 31, 2022. They will expire the following year at the end of December. 31 2023.

The bottom line If the time to purchase new wheels is upon you look into purchasing an electric vehicle to combat climate change . Additionally, you can get tax credits for electric vehicles and incentives. Before deciding on a particular EV make sure you do your research and find out if tax credits that are still available. Also, examine the charging stations available in your local area. Also based on the way you’ll use the vehicle, check the battery capacity of the vehicle you’re considering. When it comes time to compare rates and differing costs of buying an EV over conventional. Questions about tax credits for electric vehicles Are leased cars eligible for tax credits for electric vehicles? Federal tax credits will not apply to leased vehicles . Instead, the funds will go to the lessor. This can, however, lower the monthly installment — if the lessor decides to include the incentive into the lease agreement. Mention this during to try for savings and you could save money.Certain states offer incentives that are available regardless of whether you are leasing or buying. Do you think this federal EV tax credit always be around? The credit will likely remain for the foreseeable future, particularly with increased pushes for more climate-aware vehicles. But the available vehicles are always changing due to the phase-out structure of tax credits.When a particular manufacturer reaches the 200,000 electric vehicles that are sold to be used in the United States, those vehicles are not qualified for tax credits. Because of this rule, it’s crucial to verify whether the car you plan to purchase is available for credit. Are families able to get several EV credit tax deductions? If two members of the same household buy electric vehicles for their own each, they are able to claim credit for their own vehicles. If two people purchase an EV together it can only be claimed once.

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely taking out loans to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers to control their finances with concise, well-researched and well-organized details that cut otherwise complicated subjects into bite-sized pieces.

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