Alternative Motor Vehicle Credit (Form 8910)

Forum|Forum|3 years ago
April 10, 2023
2 replies
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1. Is the Alternative Motor Vehicle Credit (Form 8910) carried forward?

2. Can any electric car purchase get a $7500 Alternative Motor Vehicle Credit?

KrisD15

Level 15

1. No

According to the IRS:

“If you bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D.

The credit equals:

$2,917 for a vehicle with a battery capacity of at least 5 kilowatt hours (kWh)

Plus $417 for each kWh of capacity over 5 kWh

The maximum credit is $7,500. It is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.”

2. No

“To qualify, a vehicle must:

Have an external charging source
Have a gross vehicle weight rating of less than 14,000 pounds
Be made by a manufacturer that hasn't sold more than 200,000 EVs in the U.S. “

Vehicles purchased in 2023 will have a new set of rules.

2023 and after

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