Hello kidbilly24,
Thank you for your question. I am happy to assist you.
If you purchase and place in service a new plug-in Electric Vehicle (EV) in 2023 or after, you may qualify for a vehicle tax credit up to $7,500 under Internal Revenue Code Section 30D. This credit is available to individuals and their businesses.
The criteria include the following:
- The EV must be for your own use, and not for resale.
- It must be used in the U.S.
- Your modified adjusted gross income (AGI) may not be higher than:
- $300,000 for married couples who file jointly.
- $225,000 for heads of households.
- $150,000 for all other tax filers.
I have attached a link to the IRS website for your reference:
https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
Please let me know if this answers your questions, or if I can be of further assistance.
Thank you!
Shirleyh88
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