@Omeezy3126 - the loan has nothing to do with this....
did you read the IRS link? it is quite clear.
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:
You have to meet all the qualifications and note that the maximum credit you actually get is the LOWER OF $7500 or Line 22 of Form 1040 prior to the credit being applied. (the line number will be the same in 2023 as they were in 2022)
example: before applying the credit, Line 22 is $3000. Then the maximum EV credit is $3,000 as it is the lower of $3000 and $7500
