Vanessa A
Employee Tax Expert

Deductions & credits

The rules were just updated a few days ago.  The IRS website has not been updated yet to include the Model Y or any of the other changes announced by the Dept. of Treasury as of today.  However, digging into the Treasury Departments statement that was issued, it does appear that if you purchased the Model Y for less than $80,000, after January 1, 2023 that you would be eligible for the credit, but not until the 2023 tax year

 

"Customers who have purchased and placed in service vehicles since January 1, 2023, that qualify under the EPA Fuel Economy Labeling classification standard announced today and who satisfy the other clean vehicle tax credit requirements can claim the credit, including customers with vehicles that did not qualify under the prior EPA CAFE standard."  Treasury Update 2/3/2023

 

So, unfortunately, tax payers who purchased the Tesla Model Y and other similar vehicles in 2022, are not eligible for the credit. 

 

(Edited 2/6/2023 @ 12:31PM PST)

@meenasrini 

 

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