If I sell my 2022 EV and purchase a new EV in 2023, will I qualify for both EV tax credits?

[Anonymous]

Hello! Purchased a car in April 2022, and I know I currently qualify for the full $7500 and will take full credit of it. 
I am thinking of selling/trading it, however, and buying a new EV this year. 

In this situation, will I get two credits, for tax year 2022 and then for tax year 2023? 
Of note, I read on a forum that I may not qualify for the 2022 credit if I don’t own the EV for >3 years? 

[Critter-3]

Ask them where they saw that tidbit.   The credit as currently written has no such 3 year rule.   You can even buy more than one in a single tax year and get the credit on both if you otherwise qualify and have enough tax liability to use it all up. 

[Vanessa A · Accepted solution]

What you read on the forum was correct, however, section 30 has been repealed so there is no longer a recapture on the EV Credit.  

So, yes, technically, in the situation you are describing, you could get a credit in both years. 

@Anonymous 

(Edited 1/25/2023 @ 7:57AM PST)

[Anonymous]

Thank you very much. This was the answer I was looking for

[Anonymous]

Can I please have the source that states this 3 year rule?

also, the car was purchase in April 2022 before the new ev tax credit was signed

[Vanessa A]

Section 30 has been repealed so there is no longer a recapture on the EV Credit.  

@Anonymous 

(Edited 1/25/2023 @8:01AM PST)

[AmeliesUncle]

Yes, you will get the credit for both years (subject to the usual limitations).

No, there is NOT a recapture for selling the vehicle.  The 3-year ownership requirement ended in 2014, when the tax credit for Tax Code Section 30 was repealed, and the new tax credit for Tax Code Section 30D started.