Is it time to buy a new vehicle because of your growing family, broken down car, or just looking for something new? Consider the incentives available for new, used, and commercial electric vehicles (EV) or plug-in hybrids (PHEV) with MSRPs starting below $30,000 and with ranges from around 230 to over 350 miles. Qualifying vehicles will receive either a $3750 or a $7500 tax credit based on manufacturing and battery component requirements with transferability beginning in 2024*. Home EV chargers qualify for a tax credit as well, up to $1000. Use the categories below to find incentives based on your needs, however, income limits do apply:
New cars
- Single taxpayers: $150,000
- Heads of household: $225,000
- Joint filers: $300,000
Used cars
- Single taxpayers: $75,000
- Heads of household: $112,500
- Joint filers: $150,000
*Beginning in 2024, buyers will be able to transfer the clean vehicle tax credit to dealers at the time of sale and use the credits as a down payment. Guidance is expected to be released at the end of 2023.