The U.S. Department of Energy offers tax credits of up to $7,500 for new electric vehicles, plug-in hybrids, and fuel cell vehicles purchased in 2023 or later and up to $4,000 for used vehicles with credits available for older vehicles depending on battery size and other factors.
Unlock Incentives for Your Electric Vehicle Purchase
According to the report of Courier Journal, thinking about getting an electric vehicle (EV)? The U.S. Department of Energy offers a tax credit up to $7,500 for new EVs, plug-in hybrids, and fuel cell vehicles purchased in 2023 or later. The credit amount varies based on vehicle price, country of manufacture, your income, and battery materials. Apply for the credit at the time of purchase.
For used EVs, plug-in hybrids, or fuel cell vehicles bought in 2023 or later, there’s a 30% tax credit on the sale price, capped at $4,000. This nonrefundable credit is limited to your tax liability and must be applied for at the time of purchase.
(photo: Bankrate)
Maximize Your Electric Vehicle Tax Credits
If you bought an EV or plug-in hybrid between 2010 and 2022, you might still qualify for benefits based on battery size. Check Fueleconomy.gov to confirm eligibility and find application instructions.
For vehicles purchased in 2023 or later, credits need to be approved at the point of sale. For older vehicles benefits depend on battery size and other factors. Visit Fueleconomy.gov for details.
