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Get your taxes done using TurboTax
1. No
“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.
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April 9, 2023
7:23 PM