I believe this is saying that you can use your modified AGI from the year before whichever is less to calculate the credit but it is not saying that you can take the credit in the prior year.
Who Qualifies
You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032.
The credit is available to individuals and their businesses.
To qualify, you must:
- Buy it for your own use, not for resale
- Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.
The credit 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.
Qualified plug-in electric drive motor vehicles.
The credit for qualified plug-in electric drive motor vehicles is not available for vehicles placed in service after 2022. See Qualified Plug-in Electric Drive Motor Vehicle, later.
New clean vehicles.
The credit for new clean vehicles is available for vehicles placed in service after 2022. See New Clean Vehicle, later.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
