Electric vehicle tax credits

What is the Clean Vehicle Credit?

On Dec. 29, 2022, the U.S. Treasury and IRS announced a major expansion of the Inflation Reduction Act (IRA) to advance electric vehicle (EV) adoption called Clean Vehicle Credits to significantly reduce the purchase price of electric vehicles. In 2024, the IRS further advanced the tax credit to allow customers to receive up to $7,500 off a new EV or plug-in hybrid electric vehicle (PHEV) or $4,000 off a used clean vehicle that can be applied at point-of-sale or when filing taxes. Dealerships must register the vehicles with the IRS’ Energy Credits Online portal to allow customers to receive the credit immediately.

To qualify, buyers must meet specific income requirements, and vehicles must meet assembly and MSRP requirements. See below for detailed qualifications. Customers interested in purchasing a new or used EV or PHEV can see what vehicles qualify for the credit at fueleconomy.gov. See qualifications below.

 

Electric vehicle charging station tax credits

Installing a home EV charging station could also entitle you to a tax credit up to $1,000. Discover the residential Alternative Fuel Infrastructure Tax Credit and visit our home charging shop to find an EV charger that fits your needs.
 
 

State & federal electric vehicle tax credits

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